New Delhi: EAM Jaishankar on Friday said India as a reliable foreign country and partner is ready to provide support to Sri Lanka in case of need. The External Affairs Minister met Sri Lankan President Ranil Wickremesinghe on Friday. Taking to Twitter, Jaishankar said, "Delighted to call on President Ranil Wickremesinghe today morning. Underlined that my presence in Sri Lanka is a statement of PM @narendramodi’s commitment to Neighbourhood First".
Jaishankar is on a two-day official visit to the island nation. Earlier today he met Lanka's Foreign Minister Ali Sabry and conveyed India's commitment to increase investment flows to hasten the debt-ridden island nation's economic recovery. Both the leaders discussed India-Sri Lanka cooperation in infrastructure, connectivity, energy, industry and health.
After the meeting, Jaishankar during a joint press statement said, "We felt strongly that Sri Lanka’s creditors must take proactive steps to facilitate its recovery. India decided not to wait on others, but to do what we believe is right". India decided not to wait on others but to do what we believe is right, he said adding that "we extended financing assurances to the IMF to clear the way for Sri Lanka to move forward".
Sri Lanka, which is trying to secure a $2.9 billion bridge loan from the International Monetary Fund (IMF), was negotiating to get financial assurances from its major creditors, China, Japan, and India, which is the requisite for Colombo to get the bailout package. "We expect that this will not only strengthen Sri Lanka’s position, but ensure that all bilateral creditors are dealt with equally," added Jaishankar.
Last year, India extended about US $ 4 billion in terms of credits and and rollovers to help Sri Lanka get through an economic crisis. Jaishankar noted that Sri Lanka’s pathway is one of a strong economic recovery propelled by greater investments. He reiterated that India will encourage greater investments in the Sri Lankan economy, especially in the core areas like energy, tourism, and infrastructure.
"We count on the Government of Sri Lanka to provide a more business-friendly environment to create a powerful pull factor. I am confident that the gravity of the situation is realised by policymakers here", he said. Jaishankar further pointed out that energy security is today one of Sri Lanka’s most serious challenges.
A search for solutions must necessarily encompass the larger region. Only then will Sri Lanka get the full benefit of scale," said Jaishankar, adding "This country has enormous renewable energy potential that can become a sustainable source of revenue. It has the capability as well for Trincomalee to emerge as an energy hub. In its support for Sri Lanka, India is prepared to be a reliable partner on such initiatives." Jaishankar's visit to Colombo comes at a time when the island nation is reeling under a severe economic crisis and needs help from India.
