India has been extending financial as well as humanitarian assistance to the ailing island nation. From a $1.5 billion line of credit to providing more than 2,70,000 tonnes of fuel, the Narendra Modi-led government has stepped up
The economic crisis has led to continuous protests in Sri Lanka. Lankans have been demanding President Gotabaya Rajapaksa resign in Colombo. AP
The idyllic island nation of Sri Lanka, with a population of 22 million people, has descended into chaos and anger as its people are experiencing its worst economic crisis.
An unprecedented shortage of foreign currency has left President Gotabaya Rajapaksa’s government unable to pay for essential imports, including fuel, leading to debilitating power cuts lasting up to 13 hours. Prices of vegetables, rice and other staples have skyrocketed, leading to people starving.
Also read: Timeline | Sri Lanka’s economic crisis was in the making from November 2019
Facing such a situation, the paradise island has witnessed violent protests, leading to an imposition of Emergency and even a breakdown in the political machinery.
As Sri Lanka continues to suffer from this situation, India is playing the role of ‘big brother’ and is lending a helping hand to the troubled nation.
Here’s the many ways that India is aiding Sri Lanka — from supplying medicines and food to providing loans and financial assistance.
According to reliable sources, India in the last six months has provided assistance on several fronts to its tiny neighbour to tide over its economic crisis, reported the Business Standard.
Fuel and diesel
On Wednesday, a whopping 76,000 tonnes of fuel were delivered to Sri Lanka as the neighbouring nation struggles for diesel.
With this, the total supply of fuel under Indian assistance now stands at more than 2,70,000 tonnes.
On Saturday too, India had delivered 40,000 tonnes of diesel to the crisis-hit nation. The diesel shipment was part of an additional $500 million in fuel aid for a Sri Lankan government.
A week back, Sri Lanka had announced that it had run out of diesel, crippling the transport system and plunging the nation in 13-hour-long blackouts. The lengthy power cuts had also forced the Colombo Stock Exchange to limit its trading by half to two hours, while many offices asked non-essential staff to stay at home.
The electricity rationing also hit mobile phone base stations and affected the quality of calls, operators said, adding that their stand-by generators were also without diesel.
Feeding stomachs
Sri Lanka has been a huge importer and in 2020, food imports for Sri Lanka was 15.7 per cent. However, the loss of foreign exchange led to the government to impose import restrictions on 367 items such as fish meat, fish fillets, milk and cream, buttermilk, curdled milk and cream, yogurt, butter and other fat and oil derived from milk; dairy spreads, cheese and curd, grapes, fresh or dried, apples, pears, chocolate and oranges.
Also read: Is Sri Lanka’s economic crisis a result of China’s debt-trap diplomacy?
This has led to an acute shortage of food in the island nation and a skyrocketing of prices. Staple foods like rice and wheat are now being sold at about Rs 220 per kg and Rs 190 per kg respectively.
Most Sri Lankans can’t even afford to buy sugar as the prices now stand at Rs 240 per kg in a supermarket in Colombo. Another essential — coconut oil is now priced at about Rs 850 per litre.
Amid such a situation, Indian traders sent 40,000 tonnes of rice on 2 April to help bring down rice prices.
Financial aid
On 17 March, India announced a $1 billion line of credit to Sri Lanka as part of its financial assistance to help the island nation deal with its economic crisis.
This financial aid comes after India had extended $500 million line of credit in February to help it purchase petroleum products.
Besides, Reserve Bank of India extended a currency swap of $400 million and deferred payments owed by Central Bank of Sri Lanka owed to RBI under the Asian Clearance Union worth several hundred million dollars.
Medicines to the rescue
The economic crisis in Sri Lanka has forced the country to give up on its healthcare. Reports had said that surgeries across hospitals were being suspended over shortage of medicines.
When the news reached Minister for External Affairs, S Jaishankar, he called the Indian embassy in Sri Lanka to make necessary provisions for the hospital. In a tweet, he called upon the Indian high commissioner in Colombo Gopal Baglay to discuss measures on how India can help the ailing nation.
Since then, India has been sending medicines to tide over the ailing nation.
Vote of thanks
India has received praise for its aid to Sri Lanka. ANI news reported that former cricketer Sanath Jayasuriya lauded India and Prime Minister Narendra Modi.
News agency ANI quoted him as saying, “You know as always as a neighbour, the big brother of the next to our country has been helping us… We are very grateful to the Indian government and Prime Minister Modi. So, for us event to survive it is not very easy at the moment, things are going through… I hope that things will change and also with the help of India and other countries we are trying to come out from the situation.”
Arjun Ranatunga, the former Sri Lankan cricket captain, also lauded Prime Minister Modi. “PM Modi was very generous to give the grant to start Jaffna International Airport. India has been an elder brother to us. I am glad that they are monitoring the situation rather than giving money to Sri Lanka. They are looking at our needs like petrol and medicines and I am sure that these are things we will be lacking in a couple of months. India has been helping us in a big way.
With inputs from agencies
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