Sri Lanka economic crisis: India commits continued support under Neighborhood-first policy
8 April, 2022 | Priyanka Sharma
India on Thursday committed to continue extending support to Sri Lanka under its neighborhood-first policy.
Sri Lanka is facing the worst economic crisis in decades, which has now started to shake the political centre with protests demanding the ouster of Rajapaksas. In a bid to save the crippling economy, Sri Lankan president Gotabaya Rajapaksha constituted an expert panel of emminent economists to addess debt and rising inflation.
A statement issued by Presidents office said that the expert panel would consist of former governr of the Central bank of Sri Lanka, former director of the economic affairs division of the common wealth secretariat, former senior director of development economics of World Bank and a former director of IMF’s Institute Of Capacity Development.
The formation of the panel comes after India on Thursday committed to continue extending support to Sri Lanka under its neighborhood-first policy. In a media briefing on Thursday, Arindam Bagchi said that over 270,000 metric tonnes of diesel and petrol have been delivered to Sri Lanka since mid-March. Along with this, around 40,000 tonnes of rice have been supplied under USD 1 billion dollar credit facility.
He further added that India has communicated its readiness to support Sri Lanka on multiple occasions and demonstrated it by its actions till now.