INSUBCONTINENT EXCLUSIVE:
Nirmala Sitharaman in New Delhi, today (April 13) to review the present status of Indo-Lanka economic cooperation as Sri Lanka enters
negotiations with the IMF for an economic adjustment programme.At the outset, Moragoda thanked the Indian Finance Minister for the
assistance that India is extending to Sri Lanka in the form of credits for essential commodities and fuel, and also for balance of payment
support extended at these challenging times, the Sri Lankan High Commission in New Delhi said in a statement.The Indian Finance Minister and
the High Commissioner observed that this assistance could form part of the bridging finance required by Sri Lanka until the economic
adjustment programme with the IMF would be negotiated.It was also observed that India was the first country to support Sri Lanka in this
manner to secure bridging finance until that programme would be in place.In this context, High Commissioner Moragoda and Minister Sitharaman
discussed how India could assist Sri Lanka in garnering international support to secure bridging finance and for the economic adjustment
programme itself, through both bilateral and multilateral partners.The High Commissioner briefed the Indian Finance Minister on the debt
standstill announced by the Government of Sri Lanka
He informed her that the Sri Lankan authorities are seeking a consensual agreement on debt restructuring.They explored the possibility of
enhancing and restructuring some of the assistance already provided by India in the form of credits for essential commodities and fuel as
growth and development in Sri Lanka in the medium term.High Commissioner Moragoda and Minister Sitharaman reviewed and expressed
satisfaction over the ongoing official-level discussions between Sri Lanka and India to establish a cooperation framework and to monitor the
progress of economic cooperation between the two countries in the present context.The Presidential Advisory Group on Multilateral Engagement
and Debt Sustainability, Governor of the Central Bank and the Secretary to the Treasury are engaged in these discussions representing Sri
Lanka while India is represented by the Chief Economic Advisor of the Government and the Secretary (Economic Affairs) of the Ministry of
further.During the meeting, the Finance Minister of India expressed her concern over the humanitarian cost of the economic crisis and said
that India would stand by Sri Lanka to overcome its challenges
In response, High Commissioner Moragoda thanked Minister Sitharaman for the personal interest that she has taken in supporting Sri Lanka at
this difficult time.They also noted that Finance Minister of Sri Lanka Ali Sabry and his delegation would be meeting the Ministerial
delegation from India next week in Washington D.C
on the wings of the IMF spring meetings.
This article first appeared/also appeared in https://adaderana.lk
