Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.

Thank You

Join the forum, it's quick and easy

Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.

Thank You
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

Click Link to get instant AI answers to all business queries.
Click Link to find latest Economic Outlook of Sri Lanka
Click Link to view latest Research and Analysis of the key Sectors and Industries of Sri Lanka
Worried about Paying Taxes? Click Link to find answers to all your Tax related matters
Do you have a legal issues? Find instant answers to all Sri Lanka Legal queries. Click Link
Latest images

Latest topics

» කොළඹ කොටස් වෙළඳපොල විශ්ලේෂණය - 2024
by ChooBoy Fri Jul 19, 2024 11:53 am

» Winds of Change: Sri Lanka's Banking Crisis is Stalling Renewable Energy Ambitions of Local Stalwarts of Wind & Solar Power
by God Father Wed Jul 17, 2024 10:11 pm

» Banking Sector Analysis
by God Father Sat Jul 13, 2024 7:57 am

» Impact of Elections on Colombo Stock Market Sentiment
by Quibit Tue Jul 09, 2024 9:01 am

» LankaBIZ Unveils AI-Driven On-Demand Financial Research and Analysis Service
by Quibit Thu Jul 04, 2024 12:49 pm

» CDB Non voting
by Nandun Sun Jun 30, 2024 9:45 pm

» The Parsi Power Play: How a Small Community of Iranian Parsis are Controling Sri Lanka's US $ 85 billion Economy & 22 Million Population & Politics driving away FDIs
by MalakaDesmond Sun Jun 30, 2024 10:19 am

» Richard Pieris Group: Mismanaged?
by Walbaba Sat Jun 29, 2024 7:04 pm

» සොෆ්ට්ලොජික් හෝල්ඩිංග්ස් පීඑල්සී: අඳුරු අපේක්ෂාවන් සහිත ඉහළ අවදානම් ආයෝජනයක්
by D.G.Dayaratne Tue Jun 25, 2024 5:45 am

» සොෆ්ට්ලොජික් ප්‍රාග්ධනයට වන්දි ගෙවන Share BuyBack නිසා Softlogic ජීවිත රක්‍ෂණය බංකොලොත් වීමේ අවදානමක
by MalakaDesmond Tue Jun 25, 2024 1:49 am

» Softlogic Life insurance face Danger of Bankruptcy due to Share BuyBack that compensate Softlogic Capital
by MalakaDesmond Tue Jun 25, 2024 1:33 am

» Softlogic Holdings PLC: A High-Risk Investment with Bleak Prospects
by MalakaDesmond Tue Jun 25, 2024 12:52 am

by SL-INVESTOR Sat Jun 22, 2024 12:48 am

by ErangaDS Wed Jun 19, 2024 9:21 pm

» How will proposed Tax Reforms affect Sri Lankans in 2025
by Quibit Wed Jun 19, 2024 9:27 am

» Falsified accounts and financial misrepresentation at Arpico Insurance PLC (AINS)
by ChooBoy Tue Jun 18, 2024 11:31 pm

» Impact of IMF reforms to Sri Lanka Economy
by D.G.Dayaratne Mon Jun 17, 2024 6:36 pm

» Richard Pieris Finance Ltd continue to endanger the Depositors with negative performance
by ddindika Mon Jun 17, 2024 3:17 pm

» Richard Pieris Exports reports 97% decline in Net Profits
by Biggy Sat Jun 15, 2024 11:26 am

» Do your own Stock Market Research using AI Tools
by Quibit Fri Jun 14, 2024 10:50 am

» What will happen tomorrow?
by cheetah Thu Jun 13, 2024 12:07 pm

» Focus on Government controlled entities
by ErangaDS Mon Jun 10, 2024 4:15 pm

» Colombo Stock Market: Over Valued against USD!
by God Father Mon Jun 03, 2024 3:17 pm


Submit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


Send your suggestions and comments

* - required fields






You are not connected. Please login or register

India working overtime to ensure swift assistance to Sri Lanka

Go down  Message [Page 1 of 1]



India working overtime to ensure swift assistance to Sri Lanka  1648638452-Indian-external-affairs-minister-Dr-S-Jaishankar-L

Recognising that “timing is key” for Sri Lanka as it tries to cope with a grave economic crisis, the Indian system is working “overtime” to expedite its assistance to the island nation, External Affairs Minister S. Jaishankar said on March 30, wrapping up his visit to the island nation.
“In a situation like this, things cannot be done at a normal pace. Everything must be fast-tracked. Our system is working overtime. What would have taken weeks earlier is now taking days,” he said, adding that the recently finalised Indian credit line of $1 billion for essential imports would be operationalised “very soon.”
Briefing Colombo-based Indian journalists ahead of his departure to New Delhi, the EAM — who was in Colombo to attend the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit — said India may not be Sri Lanka’s top creditor but is the country’s closest neighbour.
“We are approaching it [Sri Lankan crisis] like a sensible, good neighbour, keeping politics out of it,” he said, pointing to the $400 million RBI currency swap, the $500 million loan deferment, $500 million credit line for fuel, and the more recent billion-dollar credit line that New Delhi has extended or facilitated this year.
“I can’t remember the last time we stepped up like this for any country. We have helped countries during natural disasters or the pandemic. But this is different,” he said, admitting Sri Lanka’s “needs are more.”  
Recent bilateral agreements, including for private sector investment from India, had “strengthened Sri Lanka’s overall position,” Mr. Jaishankar observed. “That Sri Lanka’s closest neighbour is investing as much here is a statement in itself.”
Since January, India has signed several long-negotiated agreements, including the joint development of the Trincomalee Oil Tank Farms, and energy projects in the north and east to be set up by the National Thermal Power Corporation and the Adani Group.
The slew of agreements, which some commentators in Sri Lanka have linked to Indian financial assistance, suggests a shift from the time Mr. Jaishankar visited Sri Lanka last, in early 2021. The “slow-paced” progress in India-backed projects had dominated most discussions then. “Today there is a sense of collaboration and cooperation,” he said.  
All the same, Sri Lanka’s political Opposition has questioned the Adani Group’s “backdoor entry” into the island’s energy sector, rather than through the competitive bidding process mandated by Sri Lanka’s energy laws.
Asked about the emerging criticism, Mr. Jaishankar said: “We [Indian government] don’t get into private sector investment here. The development of the Trincomalee Farms is based on an intergovernmental understanding. NTPC is a PSU. G2B (Government to business) is their [Sri Lanka’s] business. Maybe they’re looking to shore up investor confidence here,” he said.  

During his visit, the EAM held talks with the Sri Lankan leadership, senior ministers and key members of the Opposition. While a “bulk” of his bilateral meeting with President Gotabaya Rajapaksa focused on the economy, several other matters of mutual interest were briefly discussed, the EAM said. This included the President’s account of his recent talks with the Tamil National Alliance (TNA), representing war-affected Tamils of the north and east. Later, a TNA delegation too briefed the visiting Indian official of the interaction.
“Four specific issues – the release of political prisoners, land, missing persons and development have come up in their discussion. These have concerned the Tamils for a long time now. Both sides have identified and agreed upon specific, actionable points. Since there is prospect of movement, we think it is a good idea to pursue those,” Mr. Jaishankar said.  
“Action on these issues could have an impact on reconciliation and trust building. But that is not the end of the conversation,” he added, referring to the pending political solution.
India officially “welcomed” the talks in a statement on Monday. 

Further, the Minister congratulated Sri Lanka for successfully hosting the BIMSTEC summit amid challenges of the pandemic. “After 25 years, the BIMSTEC charter is done, and there is a formal organisational structure now. This is important as SAARC is stuck because of Pakistan,” he said.
Members had also formalised a “master plan for connectivity,” he noted, terming the developments “a big step in improving the effectiveness and weight” of BIMSTEC.

Source: The Hindu

Share this post on: reddit

No Comment.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum