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India Supplies Aid Worth $22 Mln to Sri Lanka as Island Nation Approaches China for Help
India Supplies Aid Worth $22 Mln to Sri Lanka as Island Nation Approaches China for Help
Sputnik International
After extending $3.8 billion in loans and assistance to crisis-hit Sri Lanka since January this year, India shifted its focus to investment. New Delhi believes... 26.07.2022, Sputnik International
2022-07-26T07:55+0000
2022-07-26T07:55+0000
2022-10-19T20:02+0000
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India has supplied around $22 million in rice, medicine, and milk to Sri Lanka, as fresh humanitarian aid, the first of its kind since a newly-appointed government took charge in Colombo last week, the Indian High Commission in Colombo said on Tuesday.The assistance comes a day after the Sri Lankan ambassador to Beijing, Palitha Kohona, said President Ranil Wickremesinghe plans to visit China to discuss trade, investment, and tourism cooperation. Unfazed by "debt trap" warnings amid the unprecedented economic crisis, Sri Lanka sought further investment from China into its Colombo and Hambantota port projects.The West blames these "unviable" Chinese-funded port projects in the island nation for its debt crisis. However, China countered the allegation, blaming US-backed venture funds and loans from US-influenced multilateral institutions for the ongoing situation.Sri Lanka has been negotiating a $4 billion aid package from China for months; however, the Chinese ambassador on Monday declined to give any specific date for concluding the deal.Meanwhile, India has extended $3.8 billion in loans and assistance, as the island nation of 22 million people has run out of foreign reserves. Violent protests have toppled the Rajapaksa government, which came to power with a thumping majority in 2019.On Monday, Sri Lanka announced that it was restricting fuel imports for the next 12 months in response to the foreign exchange crisis. Sri Lanka owes $51 billion in foreign debt, which is primarily lent by venture funds and multilateral institutions.
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India Supplies Aid Worth $22 Mln to Sri Lanka as Island Nation Approaches China for Help
07:55 GMT 26.07.2022 (Updated: 20:02 GMT 19.10.2022) After extending $3.8 billion in loans and assistance to crisis-hit Sri Lanka since January this year, India shifted its focus to investment. New Delhi believes capital formation is the permanent solution for the beleaguered Sri Lankan economy.
India has supplied around $22 million in rice, medicine, and milk to Sri Lanka, as fresh humanitarian aid, the first of its kind since a newly-appointed government took charge in Colombo last week, the Indian High Commission in Colombo said on Tuesday.
The assistance comes a day after the Sri Lankan ambassador to Beijing, Palitha Kohona, said President Ranil Wickremesinghe plans to visit China to discuss trade, investment, and tourism cooperation. Unfazed by
"debt trap" warnings amid the unprecedented economic crisis, Sri Lanka sought further investment from China into its Colombo and Hambantota port projects.
The West blames these "unviable" Chinese-funded port projects in the island nation for its debt crisis. However, China countered the allegation, blaming US-backed venture funds and loans from US-influenced multilateral institutions for the ongoing situation.
In the
congratulatory message to newly elected President Ranil Wickremesinghe, Chinese President Xi Jinping expressed his readiness to "provide support and assistance within our [China] capacity" to Sri Lanka.
Sri Lanka has been negotiating a $4 billion aid package from China for months; however, the Chinese ambassador on Monday declined to give any specific date for concluding the deal.
Meanwhile, India has extended $3.8 billion in loans and assistance, as the island nation of 22 million people has run out of foreign reserves. Violent protests have toppled the Rajapaksa government, which came to power with a thumping majority in 2019.
On Monday, Sri Lanka announced that it was restricting fuel imports for the next 12 months in response to the foreign exchange crisis. Sri Lanka owes $51 billion in foreign debt, which is primarily lent by venture funds and multilateral institutions.
