India Sri Lanka Relations - The Hindu - 23/01/23
India sent written financing assurances to the International Monetary Fund (IMF), becoming the first bilateral creditor of the island nation to officially support its crucial debt restructure programme after last year’s economic meltdown.
-Significance of India’s Financing Assurance:
The International Monetary Fund’s provisional USD 2.9 billion package to Sri Lanka will be cleared only after Sri Lanka’s official creditors — China, Japan and India — have provided adequate financing assurances. The decision of financing assurance was also a reassertion of India’s belief in the principle of “neighborhood first”, and not leaving a partner to fend for themselves.
->India’s Relations with Sri Lanka:
-India and Sri Lanka are two South Asian nations situated in the Indian Ocean region. Geographically, Sri Lanka is located just off the southern coast of India, separated by the Palk Strait.
-The Indian Ocean is a strategically important waterway for trade and military operations, and Sri Lanka's location at the crossroads of major shipping lanes makes it a critical point of control for India.
-Historical Ties: India and Sri Lanka have a long history of cultural, religious, and trade ties dating back to ancient times.
-Economic ties: India is Sri Lanka’s third largest export destination, after the US and UK. More than 60% of Sri Lanka’s exports enjoy the benefits of the India-Sri Lanka Free Trade Agreement. India is also a major investor in Sri Lanka.
-Defence: India and Sri Lanka conduct joint Military (Mitra Shakti) and Naval exercise (SLINEX).
->Issues in India-Sri Lanka Relations:
a. Killing of Fishermen: Killing of Indian fishermen by the Sri Lankan Navy is a lingering issue between these two nations.
b. Issues in India-Sri Lanka Relations:
Killing of Fishermen: Killing of Indian fishermen by the Sri Lankan Navy is a lingering issue between these two nations.
c. 13th Amendment of the Sri Lankan Constitution: It envisages devolution of necessary powers to the provincial councils to address the just demand of the Tamil people for equality, justice, peace, and respect within a united Sri Lanka.
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