Jaishankar Advocates for Collaborative Support Amid Sri Lanka’s Economic Crisis
External Affairs Minister S. Jaishankar articulated India’s longstanding commitment to assist Sri Lanka amidst its economic crisis, highlighting a $4 billion aid package. He emphasized the mutual responsibilities between neighbors during his address at Chatham House, London, marking significant diplomatic engagements to strengthen bilateral ties under India’s Neighbourhood First Policy.
On March 6, External Affairs Minister S. Jaishankar addressed the ongoing economic challenges faced by Sri Lanka, emphasizing India’s commitment to assist its neighboring country. He highlighted the Indian government’s provision of financial support exceeding $4 billion to aid Sri Lanka in overcoming the economic turmoil which escalated into a political crisis in 2022. Jaishankar’s remarks were made at Chatham House in London during his visit, marking him as the first foreign dignitary to meet with Sri Lankan officials after the new government took office.
EAM Jaishankar placed significant importance on India’s historical assistance to Sri Lanka, stating, “When Sri Lanka had a very serious financial crisis while the rest of the world largely sat on its hands. We actually came forward with a package of, more than $4 billion, which was almost twice the size of the IMF package.” He underscored that while India maintains a generous stance, it also holds national interests that should be acknowledged by its neighbors, advocating for mutual responsibilities.
The minister reiterated India’s unwavering support for Sri Lanka’s economic recovery, stating that the Neighbourhood First Policy along with the SAGAR strategy would continue to inform the bilateral relations. Jaishankar’s remarks were made in the context of Sri Lanka’s strategic significance to India, particularly due to its position in the Indian Ocean Region. In 2022, Sri Lanka declared its first sovereign default, intensifying diplomatic and economic discussions between the two nations.
India’s substantial financial backing came after Sri Lanka faced a historic default on over $51 billion in foreign loans. The Ministry of External Affairs highlighted Jaishankar’s visit as a testament to the dedication shared between India and Sri Lanka to enhance mutual cooperation in line with their established policies. Prior diplomatic engagements included discussions with President Dissanayake, aimed at fortifying bilateral interactions.
Jaishankar’s ongoing dialogues with Sri Lankan leaders reflect a commitment to foster cooperation that ultimately benefits both nations, reinforcing that the relationship extends beyond financial aid to encompass broader cooperation in political and strategic realms.
In summary, External Affairs Minister S. Jaishankar delineated India’s longstanding support for Sri Lanka amidst its economic crisis, providing over $4 billion in aid and emphasizing the mutual responsibilities between neighboring countries. His visit underscores India’s commitment under the Neighbourhood First Policy, ensuring a partnership aimed at enhancing bilateral cooperation. The discussions reaffirm the strategic significance of Sri Lanka in India’s foreign policy framework.
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