The Indian High Commission in Sri Lanka has organised a business event here to support mutually beneficial economic ties for recovery and growth of the island nation which is facing the worst financial crisis since independence.
The event saw participation of the Governor of the Central Bank of Sri Lanka Nandalal Weerasinghe, senior officials, representatives from various businesses and industries, said a tweet from the Indian mission on Wednesday.
Addressing the meeting, Deputy High Commission Vinod K. Jacob said that joint development through the Indian government's "neighbourhood first" and the SAGAR initiative is mutually beneficial and effectively addresses the aspirations of the people of India and Sri Lanka.
The deputy high commissioner also highlighted various dimensions of bilateral ties between New Delhi and Colombo such the ongoing financial, economic and humanitarian assistance upwards of USD 3.5 billion, people-to-people ties, cultural cooperation, development cooperation partnership worth more than USD 5 billion, as well as defence and security cooperation.
Sri Lanka has been facing the worst economic crisis since its Independence from Britain in 1948, also triggering a political crisis with protesters asking for the resignation of President Gotabya Rajapaksa, who is blamed for the situation.
India has helped Sri Lanka with thousands of tonnes of diesel and petrol to the crisis hit country, apart from food and medical supplies, to help ease the acute fuel shortage in the debt-ridden island nation.
India extended an additional USD 500 million credit line to Sri Lanka last month to help the neighbouring country import fuel as it has been struggling to pay for imports after its foreign exchange reserves plummeted sharply in recent times, causing a devaluation of its currency and spiralling inflation.
With the economic crisis and the shortage of forex, the Indian credit line of USD 500 million for fuel imports has provided a lifeline to the island nation, where people have been queuing up for fuel, cooking gas, and essentials.
In keeping with India's 'Neighbourhood First' policy, New Delhi has extended this year alone support worth over USD 3.5 billion to the people of Sri Lanka for helping them overcome their current difficulties.