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India to Appeal to G7 to Help Stabilize Sri Lanka
India to Appeal to G7 to Help Stabilize Sri Lanka
Sputnik International
Sri Lanka's Prime Minister Ranil Wickremesinghe on Wednesday warned the island nation of 22 million is "facing a far more serious situation" beyond the... 25.06.2022, Sputnik International
2022-06-25T09:12+0000
2022-06-25T09:12+0000
2022-11-03T18:25+0000
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India’s Prime Minister Narendra Modi is due to request a more serious approach to the grave situation in Sri Lanka when he meets global leaders on the sidelines of the G7 Summit, Foreign Secretary Vinay Mohan Kwatra has informed. Modi will embark on a two-nation visit on Saturday to participate in the G7 summit, which runs from Sunday to Tuesday in Germany, and UAE. The secretary described the island nation as a central part of Delhi's ‘Neighbourhood First Policy’ upon returning from Colombo after meeting Sri Lankan leaders on Thursday. He also said that the economic situation on the island is a matter which needs to be addressed seriously."We hope those partners would take a more serious look at how they would want to approach Sri Lanka in days, weeks, and months ahead," Kwatra added.Since the beginning of the year, India has provided around $3.5 billion in financial assistance to Sri Lanka.India, Japan, and China have also planned a credit conference for the island, which is facing its first-ever default due to plummeting foreign reserves, with dollars to pay for essential imports, including food, medicine, and fuel, running out.Sri Lanka hopes to secure loans from the three countries, as well as the World Bank, before concluding a big deal with the International Monetary Fund before the end of July.On Saturday, the US Embassy in Colombo announced a high-level Washington visit to the island, including representatives from the Department of Treasury and the Department of State. The three-day delegation reportedly looks to explore the "most effective ways" to support "economic growth and strengthen democratic institutions" in the island nation.In 2021, Sri Lanka rejected a $500 million US grant offer under the Millennium Challenge Corporation as people believed the aid would compromise the nation's sovereignty and national security.
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India to Appeal to G7 to Help Stabilize Sri Lanka
09:12 GMT 25.06.2022 (Updated: 18:25 GMT 03.11.2022) Sri Lanka's Prime Minister Ranil Wickremesinghe on Wednesday warned the island nation of 22 million is "facing a far more serious situation" beyond the shortages of essential commodities as the economy has "completely collapsed."
India’s Prime Minister Narendra Modi is due to request a more serious approach to the grave situation in Sri Lanka when he meets global leaders on the sidelines of the G7 Summit, Foreign Secretary Vinay Mohan Kwatra has informed.
Modi will embark on a two-nation visit on Saturday to participate in the G7 summit, which runs from Sunday to Tuesday in Germany, and UAE.
"We have highlighted to them [global partners] the need to come together and partner with Sri Lanka in order that their current economic situation is addressed quickly and Sri Lanka can move on to the path of economic recovery," Kwatra told Sputnik during a media briefing.
The secretary described the island nation as a central part of Delhi's ‘Neighbourhood First Policy’ upon returning from Colombo after meeting Sri Lankan leaders on Thursday. He also said that the
economic situation on the island is a matter which needs to be addressed seriously.
"We hope those partners would take a more serious look at how they would want to approach Sri Lanka in days, weeks, and months ahead," Kwatra added.
Since the beginning of the year, India has provided around $3.5 billion in financial assistance to Sri Lanka.
India, Japan, and China have also planned a credit conference for the island, which is facing its first-ever default due to plummeting foreign reserves, with dollars to pay for essential imports, including food, medicine, and fuel, running out.
Sri Lanka hopes to
secure loans from the three countries, as well as the World Bank, before concluding a big deal with the International Monetary Fund before the end of July.
On Saturday, the US Embassy in Colombo announced a high-level Washington visit to the island, including representatives from the Department of Treasury and the Department of State. The three-day delegation reportedly looks to explore the "most effective ways" to support "economic growth and strengthen democratic institutions" in the island nation.
In 2021, Sri Lanka rejected a $500 million US grant offer under the Millennium Challenge Corporation as people believed the aid would compromise the nation's sovereignty and national security.
