China’s debt made Sri Lanka remember India

Many countries are now feeling the brunt of China’s debt trap. This problem has also arisen in front of the neighbouring country Sri Lanka and it is facing an economic crisis. In this situation, Sri Lanka has high hopes from traditional friends in India. The good thing is that India is ready to help Sri Lanka in every possible way in this changed situation. Preparations are underway to provide immediate food and health security package for Sri Lanka from India.

A few days ago, Sri Lanka’s Finance Minister Basil Rajapaksa came to India. In this visit, a blueprint for the preparation of an immediate relief package to Sri Lanka was prepared. An ET report quoted Sri Lanka’s Central Bank Governor Ajit Nivard Cabral as saying that a credit line of $ 500 million has been sought for petroleum imports from India.

Cabral said that talks are going on for a transaction of $ 400 million under the SAARC finance system from the Reserve Bank of India.

It was agreed between the Government of India and Rajapaksa that procedures would be finalized soon with mutual consent to meet these objectives. India will invest in different areas of Sri Lanka to contribute to the development and creation of employment opportunities. This includes importing fuel from energy packages and helping to modernize the Trincomalee oil tank farm.

Cabral said that even during the pandemic, Sri Lanka has been getting Indian aid. Sri Lanka’s Energy Minister Uday Gammanapila said on Wednesday that we leased 99 oil storage tanks to the Indian Oil Corporation (IOC) during World War II. Negotiations with India to return him are nearing completion.