Published on: December 6, 2021
INDIA – SRI LANKA ECONOMIC COOPERATION
Mühlheim am Main NEWS
http://aqualliance.net/cgialfa India finalises cooperation plan to revive Covid-hit Sri Lanka economy
WHAT IS THE PLAN
- New Delhi and Colombo have agreed on a four-pronged cooperation package comprising urgent food and health security, energy security, currency swap and Indian investments.
- “Four pillars” for short- and medium-term cooperation:
- Urgent food and health security package that would envisage an extension of a line of credit to cover the import of food, medicines and other essential items from India to Sri Lanka
- Energy security package that would include a line of credit to cover the import of fuel from India, and early modernisation of the Trincomalee Tank Farm
- Offer of a currency swap to help Sri Lanka address its balance of payment issues
- Facilitation of Indian investments in different sectors that would contribute to growth and expand employment
- Identified ways and means through which the existing bilateral economic relationship between the two countries could be further broadened and deepened
- Agreed that modalities to implement these objectives would be finalised within a mutually agreed timeline.