In February, India gave a short-term loan of $500 million to Colombo for the purchase of petroleum products through the Ministry of Energy and the Ceylon Petroleum Corporation on behalf of the Government of Sri Lanka
India has announced another $1 billion as a credit to help the dwindling economy of Sri Lanka: AFP
New Delhi: India has always stood up to help it neighbours and again as Sri Lanka is facing a severe economic crisis, New Delhi has once again, without any delay, provided a financial package to enable the island nation meet some of its more immediate needs and help stabilise its domestic economy.
As part of financial aid to Sri Lanka, India has announced another $1 billion as a credit to help the dwindling economy of its neighbour. This will help Colombo in keeping their food prices and fuel costs under check.
Grateful to “Big Brother” India: Sanath Jayasuriya
People of Sri Lanka are grateful to India for helping them in their trying times. Earlier on Thursday, Sri Lankan batting legend Sanath Jayasurya expressed dismay over the ongoing economic crisis in the island country. The former cricketer called India “big brother” and even expressed his gratitude to Prime Minister Narendra Modi for sending help amid the crisis.
In a report by news agency ANI, Jayasurya was quoted as saying, “You know as always as a neighbour, the big brother next to our country has been helping us… We are very grateful to the Indian government and the Prime Minister (Modi).”
He further showed support towards the ongoing demonstrations calling on President Gotabaya Rajapaksa over his handling of the crisis and noted that there are fuel and gas shortages in the country, even cautioning against an impending disaster if the situation is not addressed properly.
“Very generous” PM Modi: Arjuna Ranatunga
Former Sri Lanka skipper and current Minister Arjuna Ranatunga too praised Prime Minister Narendra Modi for helping his country amid its ongoing economic crisis.
Ranatunga said PM Modi has been extremely generous in giving grant to start Jaffna International Airport adding, “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.”
Ranatunga further said his major worry was that he does not want a “blood bath”. He said, “I am very scared and don’t want people to start another war, which we suffered for years. Some of the politicians in the government are trying to show that the disease was created by Tamils and Muslims and by doing this they are trying to divide the country.”
This time also India is helping: Sri Lankan MP Sagara Kariyawasam
Sri Lankan MP Sagara Kariyawasam too showered praised India for assisting his country amid the ongoing economic turmoil. The ruling camp MP said, “India is our neighbour and it has always helped us. This time also India is helping us and we are depending on it.”
A bit of background
Sri Lanka is in the midst of an economic crisis that has had severe political implication as well. The country is struggling to pay for imports and service debts as its foreign exchange holdings weaken. The financial woes of the country weakened after government inaction and the COVID-19 pandemic.
Since January 2022, India has extended $2.4 billion assistance to Sri Lanka by way of a currency swap, loan deferment and credit lines for essential imports to help the island nation cope with a stifling dollar crisis and shortages.
In March 2022, Sri Lankan President Gotabaya Rajapaksa thanked External Affairs Minister S Jaishankar, who was on Sri Lanka visit, for New Delhi’ “invaluable assistance” to Sri Lanka, which has been grappling with one of its worst economic crises.
Sri Lankan Finance Minister Basi Rajapaksa, who was on India visit, had met PM Modi who conveyed the Sri Lankan minister that India would always stand with the island nation as it occupies a central role in New Delhi’s ‘neighbourhood first policy’.
In February, India gave a short-term loan of $500 million to Colombo for the purchase of petroleum products through the Ministry of Energy and the Ceylon Petroleum Corporation on behalf of the Government of Sri Lanka.
In November last year, India gave 100 tonnes of nano nitrogen liquid fertilisers to Sri Lanka as their government stopped the import of chemical fertilisers.
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