Editor's Pick: ‘Neighbourhood first’ at work in India’s help to Sri Lanka

India did not wait for other bilateral creditors but did “what is right” for Sri Lanka’s economic recovery, visiting External Affairs Minister S. Jaishankar said on Friday, following talks with Sri Lankan President Ranil Wickremesinghe in Colombo. “We felt strongly that Sri Lanka’s creditors must take proactive steps to facilitate its recovery. India decided not to wait for others but to do what we believe is right. We extended financing assurances to the IMF to clear the way for Sri Lanka to move forward,” Mr. Jaishankar said. On January 16, India sent written financing assurances to the IMF, becoming the first bilateral creditor of the island nation to officially support its crucial debt restructure programme after last year’s economic meltdown. The Fund’s provisional $2.9 billion package will be cleared only after Sri Lanka’s official creditors — China, Japan and India — have provided adequate financing assurances. The decision, Mr. Jaishankar said, was a reassertion of India’s belief in the principle of “neighbourhood first”, and “not leaving a partner to fend for themselves,” which also drove the nearly $4 billion dollar assistance extended last year, by way of credits and rollovers. India is “a reliable neighbour, a trustworthy partner, one who is prepared to go the extra mile when Sri Lanka feels the need,” he said, extending Prime Minister Narendra Modi’s invitation to Mr. Wickremesinghe to visit India at an “early date”. Speaking at the joint media briefing, where President Wickremesinghe was also present, Sri Lanka’s Foreign Minister Ali Sabry expressed “profound gratitude” for India’s “enormous support” last year that “helped Sri Lanka regain some measure of economic and financial stability.” Going forward, India will encourage greater investments in the Sri Lankan economy, especially in “core areas like energy, tourism and infrastructure,” Mr. Jaishankar said, pointing to energy security as one of Sri Lanka’s “most serious challenges.” The two countries have, “in principle”, agreed on a renewable energy framework. Mr. Jaishankar also said he shared India’s “considered view that the full implementation of the 13th amendment and early conduct of provincial elections are critical” in regard to political devolution. Recently, Mr. Wickremesinghe had pledged full implementation of the 13th amendment, a long-pending demand of Sri Lankan Tamils for equality and self-determination. In an editorial, The Hindu had said that New Delhi’s review of its options on Sri Lanka had reaped dividends in public goodwill in Sri Lanka for India, particularly in comparison to other partners such as China that have only provided humanitarian aid and not much else. Given the proximity to the island nation, India taking the lead in providing credit lines and essential items, and giving financial assurances to the IMF for Sri Lanka’s debt restructuring programme becomes an important story. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor’s Pick and more. Click here. The Hindu’s Editorials Trade winds: On falling Indian exports Aging factory: On China’s population decline The Hindu’s Daily News Quiz In which year did the Protection of Children from Sexual Offences (POCSO) Act come into force? 2014 2019 2012 2010 To know the answer and to play the full quiz, click here. [logo] Editor's Pick 21 JANUARY 2023 [The Hindu logo] In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [Arrow]( [Open in browser]( [Mail icon]( [More newsletters]( ‘Neighbourhood first’ at work in India’s help to Sri Lanka India did not wait for other bilateral creditors but did “what is right” for Sri Lanka’s economic recovery, visiting External Affairs Minister [S. Jaishankar said]( Friday, following talks with Sri Lankan President Ranil Wickremesinghe in Colombo. “We felt strongly that Sri Lanka’s creditors must take proactive steps to facilitate its recovery. India decided not to wait for others but to do what we believe is right. We extended financing assurances to the IMF to clear the way for Sri Lanka to move forward,” Mr. Jaishankar said. On January 16, India sent written financing assurances to the IMF, becoming the first bilateral creditor of the island nation to officially support its crucial debt restructure programme after last year’s economic meltdown. The Fund’s provisional $2.9 billion package will be cleared only after Sri Lanka’s official creditors — China, Japan and India — have provided adequate financing assurances. The decision, Mr. Jaishankar said, was a reassertion of India’s belief in the principle of “neighbourhood first”, and “not leaving a partner to fend for themselves,” which also drove the nearly $4 billion dollar assistance extended last year, by way of credits and rollovers. India is “a reliable neighbour, a trustworthy partner, one who is prepared to go the extra mile when Sri Lanka feels the need,” he said, extending Prime Minister Narendra Modi’s invitation to Mr. Wickremesinghe to visit India at an “early date”. Speaking at the joint media briefing, where President Wickremesinghe was also present, Sri Lanka’s Foreign Minister Ali Sabry expressed “profound gratitude” for India’s “enormous support” last year that “helped Sri Lanka regain some measure of economic and financial stability.” Going forward, India will encourage greater investments in the Sri Lankan economy, especially in “core areas like energy, tourism and infrastructure,” Mr. Jaishankar said, pointing to energy security as one of Sri Lanka’s “most serious challenges.” The two countries have, “in principle”, agreed on a renewable energy framework. Mr. Jaishankar also said he shared India’s “considered view that the full implementation of the 13th amendment and early conduct of provincial elections are critical” in regard to political devolution. Recently, Mr. Wickremesinghe had[pledged full implementation of the 13th amendment]( a long-pending demand of Sri Lankan Tamils for equality and self-determination. In [an editorial]( The Hindu had said that New Delhi’s review of its options on Sri Lanka had reaped dividends in public goodwill in Sri Lanka for India, particularly in comparison to other partners such as China that have only provided humanitarian aid and not much else. Given the proximity to the island nation, India taking the lead in providing credit lines and essential items, and giving financial assurances to the IMF for Sri Lanka’s debt restructuring programme becomes an important story. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor’s Pick and more. [Click here](. The Hindu’s Editorials [Arrow][Trade winds: On falling Indian exports]( [Arrow][Aging factory: On China’s population decline]( The Hindu’s Daily News Quiz In which year did the Protection of Children from Sexual Offences (POCSO) Act come into force? - 2014 - 2019 - 2012 - 2010 To know the answer and to play the full quiz, [click here](. 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