FOUR-PRONGED PLAN ON SRI LANKA CRISIS

Dec. 3, 2021

India and Sri Lanka agreed to a four-pronged approach to discuss initiatives on food and energy security to help mitigate Sri Lanka’s economic crisis, during a two-day visit by Sri Lankan Finance Minister Basil Rajapaksa to New Delhi.

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The decisions included a four-pillar initiative, comprising
- lines of credit for food, medicines and fuel purchases granted by India,
- a currency swap agreement to deal with Sri lanka’s balance of payment issues,
- an “early” modernisation project of the Trinco oil farms that India has been pursuing for several years, and
- a Sri Lankan commitment to facilitate Indian investments in various sectors.
It was agreed that modalities to realise these objectives would be finalised early, within a mutually agreed timeline.
Jaishankar will meet Sri Lankan President Gotabaya Rajapaksa on Saturday in Abu Dhabi when they will inaugurate the Indian Ocean Region Conference organised by the India Foundation.