World

India to support crisis-hit Sri Lanka’s economic recovery


COLOMBO: India’s top diplomat held talks with the president and prime minister of Sri Lanka on Thursday as India signaled readiness to move beyond the $4 billion loan, swap and aid it has provided provide cash-strapped neighbors.
Sri Lanka is facing its worst economic crisis in seven decades, with severe foreign exchange shortages hampering imports of essential goods, including food, fuel and medicine.
The southernmost island nation of India needs about $5 billion over the next six months to cover the basic needs of its 22 million people, who have been struggling with long lines to buy basic items. Power shortages and power cuts are getting worse.
Indian Foreign Minister Vinay Kwatra, along with other Indian officials, held talks with President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe on providing more financial support to the country, the president’s office said in a statement.
“Indian Foreign Minister Vinay Kwatra has said that the Indian government will extend its maximum support to Sri Lanka in overcoming the current difficult situation as a close friend,” the statement said. father said.
“The Indian delegation declares that the Indian government and political bodies are committed to continuing to support Sri Lanka,” it added.
The India team held a separate meeting with Wickremesinghe, the central bank governor and finance ministry officials, an official from the prime minister’s office said.
Wickremesinghe told parliament this week, India is the main source of foreign aid for Sri Lanka this year, providing more than $4 billion.
Neighboring countries are also negotiating for additional assistance including a $500 million credit line for fuel and help with fertilizer and rice imports as Sri Lanka tries to avert a food crisis, officials said.
Wickremesinghe said Sri Lanka plans to host a donor conference with China, India and Japan, as it continues negotiations with International Monetary Fund for a bailout package of about 3 billion USD.





Source link

goznews

Goz News: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button