Sri Lanka: New PM Wickremesinghe likely to visit India, discuss financial aid with PM Modi

In a key political development, Sri Lanka’s new Prime Minister Ranil Wickremesinghe is likely to visit India sometime this month. A source revealed to Sri Lankan news outlet News Cutter that Ranil Wickremesinghe is anticipated to meet Prime Minister Narendra Modi and other delegations to discuss the financial aid provided by India. Since January 2022, India has committed more than $3 billion to debt-ridden Sri Lanka in loans, credit lines, and credit swaps. 

According to News Cutter, India is expected to transfer another $500 million line of credit to Sri Lanka for the month of June, which will be utilised to procure essential commodities and fuel. 

Ranil Wickremesinghe thanks PM Modi

After swearing in as Sri Lanka’s 26th prime minister on Thursday, Ranil Wickremesinghe thanked India for its economic assistance to the island country amidst the crisis. Wickremesinghe mentioned that the country looks forward to having closer relations with India during his term.

Speaking of Indian economic assistance to his country, Wickremesinghe said, “I want a closer relationship and I want to thank PM Modi". 

On Thursday, India stated that New Delhi’s commitment to the people of the island nation will continue and that the country looks forward to working with the new Sri Lankan government formed in accordance with the democratic processes. 

Sri Lanka's new PM

Sri Lanka was without a government since Monday, following which the 73-year-old United National Party (UNP) leader took over as the prime minister. A mass protest prompted President Gotabaya Rajapaksa’s elder brother and prime minister Mahinda Rajapaksa to resign on Monday. 

Violence erupted following an attack on the anti-government protesters by Rajapaksa supporters, leaving nine people dead and over 200 others injured. 

Wickremesinghe stated that his focus will be to stabilise the country’s debt-ridden economy.

Sri Lanka economic crisis

A large population of the country is severely affected due to the scarcity of food and fuel. Since the emergence of the COVID pandemic, the economy has tumbled. The issue of a foreign exchange shortage has affected the country's capacity to import fuel, and food, resulting in power cuts in the region as well. Sri Lanka has sought assistance from friendly countries considering the shortage of essential goods. 

Sri Lanka, an island country with a population of 22 million, has finally fallen to China's debt-trap diplomacy. China turns a blind eye after ensnaring Sri Lanka into a debt trap as the Island nation faces its worst economic crisis in decades and struggles to pay loans.

(Image: AP/PTI)