Sri Lankan overseas minister Ali Sabry throughout his bilateral assembly with Union minister of exterior affairs S Jaishankar thanked Prime Minister Narendra Modi and his administration for extending a serving to hand amid the continuing monetary disaster.

“No exaggeration to say that due to enormous support from India amounting to US$ 4 billion worth of credit line for import of essentials, we were able to regain some measure of financial stability. I convey our profound gratitude to PM Modi,” Sabry was quoted as saying.

Union minister Jaishankar, presently in Colombo, mentioned India stands with solidarity with its neighbour Sri Lanka amid these tough instances. Jaishankar will even meet Sri Lankan President Ranil Wickremesinghe and different ministers.

“Conveyed our commitment to increasing investment flows to Sri Lanka to hasten its economic recovery. Look forward to my discussions with the leadership tomorrow morning.@alisabrypc, @DeSiripala, @banduladr, @kehelia_r, @kanchana_wij, @amanugama_dilum, @tharakabalasur1,” Jaishankar mentioned in a tweet.

India has been lively in serving to Sri Lanka amid the monetary disaster. Financial disaster in Sri Lanka has been ongoing for greater than a 12 months and it additionally led to the downfall of the Rajapaksa-led authorities final 12 months, forcing Gotabaya Rajapaksa to flee the nation and return months later.

India, earlier this week, instructed the International Monetary Fund (IMF) that it strongly helps Sri Lanka’s debt restructuring plan, in keeping with Reuters. Sri Lanka has sought a $2.9 billion mortgage from the worldwide lender.

Sri Lanka will want the backing of India and China to achieve a remaining settlement with the IMF. The Sri Lankan authorities mentioned that it’s assured of finalising help from the IMF within the first quarter of 2023.

Between January and July final 12 months, India supplied Sri Lanka with $four billion in speedy help by way of credit score traces, a foreign money swap association and deferred import funds. It owes Chinese lenders $7.four billion. Under the restructuring plan, Sri Lanka pays India round $1 billion, Reuters mentioned citing individuals conversant in the event.

During the monetary disaster, India additionally stepped in to assist Sri Lankan farmers by handing over 21,000 tonnes of fertilisers. In July, the exterior affairs minister instructed the Lok Sabha that India prolonged eight Lines of Credit (LOCs) to Sri Lanka amounting to $1850.64 million within the final ten years.

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