Sri Lankan President Anura Kumara Dissanayake thanked India sincerely for the island nation’s significant economic support in the wake of Sri Lanka’s recent financial crisis during his first official visit to New Delhi. The President acknowledged that India has extended crucial support to Sri Lanka both during the acute economic meltdown and in the restructuring of its bilateral debt.
Economic Crisis In Sri Lanka
In a statement on Monday, President Dissanayake reflected upon the severe economic challenges Sri Lanka had faced two years ago and emphasized India’s key role in helping the nation find its way out of financial crisis. “We faced an unprecedented economic crisis some two years ago, and India supported us immensely to come out of that quagmire,” Dissanayake said. He further commended India’s continuing support, especially regarding the all-important debt restructuring of Sri Lanka, which Sri Lanka has continued to enjoy its economic revamp.
Dissanayake also added that Sri Lanka plays an important role in India’s foreign policy as he referred to the solid and continuous relations between both nations. In this way, his remark strengthens the fact that Sri Lanka and India are long-time allies, India being one of Sri Lanka’s principal supporters in its revitalization program.
President Droupadi Murmu accorded a ceremonial welcome to H.E. Mr Anura Kumara Disanayaka, President of the Democratic Socialist Republic of Sri Lanka at Rashtrapati Bhavan. pic.twitter.com/bG5ozZaDAU
— President of India (@rashtrapatibhvn) December 16, 2024
India’s $5 Billion Assistance
In a joint press release, Indian Prime Minister Narendra Modi reiterated the depth of India’s support for Sri Lanka, underlining the $5 billion worth of credit and grant assistance provided to the country. “India has so far provided 5 billion dollars in line of credit and grant assistance to Sri Lanka. We have cooperation in all 25 districts of Sri Lanka,” Modi stated. This is in sync with the commitment of India to the development priorities of Sri Lanka.
During his visit, President Dissanayake and Prime Minister Modi also discussed several new projects that would further strengthen the ties between the two nations. These projects include the rehabilitation of the signaling system on the Maho-Anuradhapura railway section and the Kankesanthurai Port, which are vital for improving infrastructure and connectivity.
India also promised to provide monthly scholarships to 200 students in Sri Lankan universities, particularly those in Jaffna and the Eastern Province.
Prime Minister Modi declared that, in the next five years, India would provide training to 1,500 Sri Lankan civil servants, which demonstrated the Indian side’s continuing interest in providing support for the capacity building of Sri Lanka. Other sectors include housing, renewable energy, agriculture, dairy, and fisheries development.
“India will also participate in the unique digital identity project in Sri Lanka,” Modi added, pointing out the growing cooperation between the two countries in the technology and infrastructure domains.
Addressing the press meet with President @anuradisanayake of Sri Lanka. https://t.co/VdSD9swdFh
— Narendra Modi (@narendramodi) December 16, 2024
Strengthening Defense Ties
On the defense front, President Dissanayake ensured that Sri Lanka would not let anything happen within its territory to its detriment to India. “PM Modi assured us full support and he also assured us that he will always protect the territorial integrity and sovereignty of Sri Lanka,” said Dissanayake. This assurance strengthens the strategic partnership between the two nations.
In addition, Modi announced that India and Sri Lanka will soon finalize a defense cooperation agreement. The two countries will also cooperate on hydrography, which will strengthen regional security and maritime operations. In addition, the two nations will further strengthen cooperation through the Colombo Security Conclave, with its focus on maritime security, counterterrorism, cybersecurity, and other regional security issues.
Future Bilateral Cooperation
Both leaders expressed confidence that the partnership between Sri Lanka and India was growing and would continue to be successful in the years to come. “The cooperation with India will certainly flourish, and I want to reassure our continued support for India,” Dissanayake concluded, emphasizing the lasting nature of the bilateral relationship.
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