https://sputniknews.in/20240623/sri-lanka-rides-out-economic-turmoil-with-major-boost-from-india-7686413.html
Sri Lanka Rides Out Economic Turmoil with Major Boost from India
Sri Lanka Rides Out Economic Turmoil with Major Boost from India
Sputnik India
Sri Lankan President Wickremesinghe acknowledged that the country's successful passage through two challenging years was made feasible thanks to India's USD... 23.06.2024, Sputnik India
2024-06-23T17:29+0530
2024-06-23T17:29+0530
2024-06-23T17:29+0530
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Sri Lanka's resilience through two challenging years of economic crisis, bolstered by financial assistance amounting to USD 3.5 billion from India, said President Ranil Wickremesinghe during the 31st All India Partners Meet in Colombo, held from June 20-22.Wickremesinghe reaffirmed his commitment to strengthening the partnership with New Delhi, referencing discussions held during his recent visit for the swearing-in ceremony of India's new government, where they explored key areas of cooperation.He emphasized sustainable energy collaboration as pivotal, noting discussions with Prime Minister Modi on accelerating joint initiatives.He detailed specific initiatives such as the Sampur solar power project, facilitated through a Government-to-Government initiative, and highlighted the upcoming commencement of the three-island project scheduled for July. Additionally, Wickremesinghe emphasized continuous efforts aimed at improving land connectivity between Sri Lanka and India.In a historic turn of events in April 2022, Sri Lanka announced its first-ever sovereign default since breaking free from British rule in 1948. This pivotal moment ultimately led to the resignation of President Wickremesinghe’s predecessor, Gotabaya Rajapaksa, by the year's end.
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sri lanka's resilience, economic crisis, financial assistance, india, president ranil wickremesinghe, all india partners meet in colombo, wickremesinghe, new delhi, india's new government, cooperation, wickremesinghe, joint initiatives, sustainable energy, sri lanka to india, government-to-government initiative, land connectivity, sri lanka, india, trincomalee development project, wickremesinghe, industrial investment zones, tourist areas, multi-product oil pipeline, nagapattinam, trincomalee, sri lanka, british rule, president wickremesinghe’s predecessor, gotabaya rajapaksa
Sri Lanka Rides Out Economic Turmoil with Major Boost from India
Sri Lankan President Wickremesinghe acknowledged that the country's successful passage through two challenging years was made feasible thanks to India's USD 3.5 billion loan.
Sri Lanka's resilience through two challenging years of economic crisis, bolstered by financial assistance amounting to USD 3.5 billion from India, said President Ranil Wickremesinghe during the 31st All India Partners Meet in Colombo, held from June 20-22.
Wickremesinghe reaffirmed his commitment to strengthening the partnership with New Delhi, referencing discussions held during his recent visit for the swearing-in ceremony of India's new government, where they explored key areas of cooperation.
"Having successfully navigated through two difficult years, I must acknowledge that this achievement was made possible by India's loan of USD 3.5 billion. All obligations will be duly met," Wickremesinghe stated.
He emphasized sustainable energy collaboration as pivotal, noting discussions with Prime Minister Modi on
accelerating joint initiatives.
"We have identified key projects that will set a new course for our partnership. These include initiatives like the grid interconnection to transmit sustainable energy from Sri Lanka to India," he insisted.
He detailed specific initiatives such as the Sampur solar power project, facilitated through a
Government-to-Government initiative, and highlighted the upcoming commencement of the three-island project scheduled for July. Additionally, Wickremesinghe emphasized continuous efforts aimed at improving land connectivity between Sri Lanka and India.
Regarding the Trincomalee Development Project, Wickremesinghe mentioned significant discussions focused on accelerating this initiative, which includes plans for industrial investment zones and tourist areas. Progress is also underway for the construction of a multi-product oil pipeline from Nagapattinam to Trincomalee, pending final observations in the report.
In a historic turn of events in April 2022, Sri Lanka announced its first-ever sovereign default since breaking free from British rule in 1948. This pivotal moment ultimately led to the resignation of President Wickremesinghe’s predecessor, Gotabaya Rajapaksa, by the year's end.
