Indian Foreign Minister meets Rajapaksa as Sri Lanka seeks US$1.5 billion more

by Aditya
Mar 28, 2022

Indian External Affairs Minister S. Jaishankar met with Sri Lankan President Gotabaya Rajapaksa in Colombo earlier today as the island’s economy witnesses an unprecedented crisis in its independent history. 

Jaishankar is in Colombo for the fifth BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Summit on a three-day visit. 

Rajapaksa hosted the minister and thanked him for India’s $1 bn credit to help Colombo pay for its import of essentials including food and medicine. 

However, Sri Lanka has sought an additional credit line of $1.5 billion from India to import essentials.

"There is a very close discussion continuing for an additional support of $1.5 billion (with India) by way of oil support as well as other essential goods support of credit terms," said Sri Lanka’s Central Bank Governor Ajith Nivard Cabraal.

The new line of credit will be in addition to the US$1 billion support extended by New Delhi earlier this month.  "India will be an ally for Sri Lanka's future progress," Cabraal said.

This year marks 75 years since the establishment of diplomatic relations between the two countries and a special memorial coin will be released to commemorate it during Jaishankar’s visit. 

The External Affairs minister thanked Rajapaksa for his “gracious welcome”. He also had a meeting with Prime Minister Mahinda Rajapaksa in which he “witnessed the signing of an agreement on supporting Buddhist culture and heritage”. He also remotely inaugurated the Jaffna Cultural Centre which was constructed under India’s aegis. 

"Reviewed various dimensions of our close neighbourly relationship," Jaishankar said in a tweet after meeting the Sri Lankan president. "Assured him of India's continued cooperation and understanding."

Jaishankar also held talks with a delegation of the Tamil National Alliance (TNA) and representatives of the upcountry Tamils including Jeevan and Senthil Thondaman.  

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