Page 5 - India-sri Lanka

2023 Rewind: India helps Sri Lanka reel out of its debt-trapped economy

As Sri Lanka and India marked their 75th anniversary of diplomatic relations in 2023, New Delhi has again emerged as a steadfast ally of Colombo, playing a pivotal role in the debt-trapped island nation's steady economic recovery. When the unprecedented economic turmoil struck Sri Lanka last year, India swiftly extended a lifeline to the country with assistance of over USD 4 billion, surpassing the International Monetary Fund's 48-month bailout of about USD 3 billion. The timely financial support from India was a testament to the strong bond between the two countries. Sri Lanka, acknowledging India's role, successfully navigated the IMF negotiations in March this year, crediting India's Finance Minister Nirmala Sitharaman for her role during the early stages of discussions with the global lender. A significant development was Sri Lanka's decision to utilise the first tranche of USD 330 million of the IMF bailout to repay Indian loans. This underscored India's patience and generosity

Sri Lanka arrests 14 Indian fishermen for allegedly poaching in its waters

The Sri Lanka Navy has arrested 14 Indian fishermen and seized their trawler for allegedly poaching in the island nation's waters, taking the total number of arrests this year to nearly 240. These fishermen were arrested on Sunday off the coast of Karainagar in the northern Jaffna peninsula, the Navy said in a release on Monday. So far this year, some 240 Indian fishermen, along with 35 trawlers, have been arrested for illegal fishing. Earlier on December 6, at least 21 Indian fishermen were similarly arrested with their four trawlers seized in the northeastern waters off Mannar and Kovilan. Last week, referring to the recurring problem of Indian fishermen doing illegal fishing in Sri Lankan waters, Fisheries Minister Douglas Devananda told Parliament that it needs a top-level diplomatic solution between the two nations. The fishermen issue is a contentious one in the ties between India and Sri Lanka, with Lankan Navy personnel even firing at Indian fishermen in the Palk Strait an

Sri Lanka arrests 21 Indian fishermen for alleged poaching in its waters

At least 21 Indian fishermen have been arrested for allegedly poaching in Sri Lanka's territorial waters, the island nation's Navy has said, taking the total number this year to 195. The Indian fishermen were arrested and their four trawlers were seized on Wednesday in the northeastern waters off Mannar and Kovilan. The Navy said in 2023 they had arrested 195 Indian fishermen for poaching in Sri Lankan waters. The fishermen issue is a contentious one in the ties between India and Sri Lanka, with Lankan Navy personnel even firing at Indian fishermen in the Palk Strait and seizing their boats in several alleged incidents of illegally entering Sri Lankan territorial waters. The Palk Strait, which is a narrow strip of water separating Tamil Nadu from Sri Lanka, is a rich fishing ground for fishermen from both countries. There have been periodic instances of Indian fishermen being arrested by Sri Lankan authorities for allegedly crossing the International Maritime Boundary Line and ...

India to build 10k more houses in Sri Lanka in extension of housing project

India will build 10,000 more houses in the plantation areas of Sri Lanka in an extension of its housing project in the country. The High Commission of India signed two significant agreements for the construction of 10,000 houses in plantation areas of Sri Lanka under Phase-IV of the Indian Housing Project on Tuesday, a statement said. Separate agreements with the two Implementing Agencies namely National Housing Development Authority (NHDA) and State Engineering Corporation (SEC) are aimed at early rollout of the construction of the 10,000 houses. Counsellor and Head of Development Cooperation Wing, Eldos Mathew Punnoose, Chairman of SEC, Rathnasiri Kalupahana, and General Manager, NHDA, Kankanamalage Ajantha Janaka were the signatories to the two agreements. Phase IV of the Indian Housing Project is spread across 11 districts and 6 provinces of Sri Lanka. It may be recalled that the overall commitment of the Government of India under the Indian Housing Project currently stands a

FM meets President and PM of Sri Lanka, discusses issues of mutual interest

Finance Minister Nirmala Sitharaman on Friday met Sri Lanka President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena and discussed India-Sri Lanka joint initiatives in the economic and commercial sphere. The president of Sri Lanka acknowledged the multi-faceted support to Sri Lanka provided by India during the economic crisis. Sitharaman is on a three-day visit to Sri Lanka. "They discussed India-Sri Lanka joint initiatives in the economic and commercial sphere. FM Smt. @nsitharaman highlighted that the 'Vision document on Economic Partnership' adopted during his visit to India in July 2023 will further strengthen the countries' maritime, air, digital, energy and people-to-people connectivity," the finance ministry said on a post on X. The finance minister also expressed satisfaction on the progress made in recent negotiations on the Economic and Technology Cooperation Agreement and UPI-based digital payments and shared her views on Investment Based Support and Bilatera

India allocates $15 mn grant to Sri Lanka to bolster Buddhist connections

India has allocated a "landmark" grant of USD 15 million to Sri Lanka to bolster the long-standing Buddhist connections between the two nations, officials here said on Friday. The bilateral agreement on the grant was signed on Thursday at the President's House in Colombo in the presence of President Ranil Wickremesinghe and Finance Minister Nirmala Sitharaman during her three-day visit to the island nation. The first project to be initiated under the USD 15 million grant is the solar electrification of religious sites across Sri Lanka, with an allocation of USD 10 million, the President's Media Division of Sri Lanka said in a statement. The Memorandum of Understanding (MOU) for this significant project was jointly finalised by the governments of India and Sri Lanka, it said. The "landmark USD 15 million grant" strengthened Buddhist ties between India and Sri Lanka, the statement said. "This grant is specifically allocated to bolster the longstanding Buddhist connections between In

FM Nirmala Sitharaman pitches for economic integration with Sri Lanka

Sitharaman assured India will continue to work closely with the island nation on debt restructuring discussions and extend support for its economic recovery

India will work closely with Sri Lanka to deepen civilisational ties: FM

India, the Finance Minister said, had rendered an unprecedented financial assistance of over $4 billion for the people of Sri Lanka

India, Sri Lanka resume talks for economic & technology cooperation pact

India and Sri Lanka have resumed talks for an economic and technology cooperation agreement (ETCA), after a gap of nearly five years, an official statement said. The two countries had 11-rounds of talks from 2016 to 2018. Thereafter the negotiations were paused. "India and Sri Lanka held the twelfth round negotiations on the ETCA in Colombo from October 30 to November 1," the commerce ministry said in a statement. During this round, it said, both the sides engaged in discussions on various issues, including trade in goods, technical barriers to trade, sanitary (human and animal health) and phytosanitary (plant health) measures, trade in services, custom procedure, trade facilitation, rules of origin, trade remedies, and dispute settlement. It added that the conclusion of the negotiations for the agreement is expected to open new opportunities for trade and economic cooperation for both countries. "The ETCA will be a pivotal move to further enhance bilateral trade between the two .

A renewed Sri Lankan engagement

As the island nation recovers, India's goodwill gesture has helped it regain some of the ground lost to China

LIVE: Third flight of 'Operation Ajay' has departed from Tel Aviv to Delhi

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Lanka-India ferry service will help develop trade, culture: Wickremesinghe

Welcoming the resumption of ferry services between Sri Lanka and India after a gap of 41 years, President Ranil Wickremesinghe on Saturday said it will help improve the connectivity, trade and cultural links between the two countries. India and Sri Lanka on Saturday launched ferry services between Nagapattinam in Tamil Nadu and Kankesanthurai in Jaffna, the capital city of the Northern Province. Ferry service is an important step in increasing the connectivity between India and Sri Lanka. For thousands of years, people have traversed the Palk Strait to travel from the Indian subcontinent to this island and from Sri Lanka back to the Indian subcontinent. This is how our cultures have developed. This is how our trade developed, Wickremesinghe said in a recorded video message at the inauguration of the ferry service. Stating that the connectivity between our two countries was disrupted due to the war in the north, the President said, Now peace has returned and we can re-establish the s

Ferry service launch marks big step for India-Sri Lanka: Jaishankar

Jaishankar virtually joined the launch of the ferry services that was flagged off today by Sarbananda Sonowal at Nagapattinam

India, Sri Lanka embarking on new chapter in diplomatic, economic ties: PM

India and Sri Lanka are embarking on a new chapter in diplomatic and economic relations, Prime Minister Narendra Modi said on Saturday as he hailed the launch of a ferry service between the two nations as an "important milestone" in strengthening ties. Addressing the event to launch ferry services between Nagapattinam in India and Kankesanthurai in Sri Lanka, via a video message, Modi said the ferry service brings alive all historical and cultural connections. "Connectivity is not only about bringing two cities closer. It also brings our countries closer, our people closer and our hearts closer," he said. The prime minister said India and Sri Lanka are embarking on a "new chapter in diplomatic and economic relations" and the launch of a ferry service between Nagapattinam and Kankesanthurai is an "important milestone" in strengthening the relations. Underlining the shared history of culture, commerce and civilisation between India and Sri Lanka, the prime minister pointed out that .

SL considering China's research ship docking; security concern for India?

Sri Lanka is currently processing a request by China to allow a research ship to dock in the country, a foreign ministry spokesperson said on Wednesday, a year after a visit by a Chinese spy vessel to the Island nation raised security concerns in India. The Chinese embassy here has made an application and the ministry is currently looking at it," Priyanga Wickramasingha, the foreign ministry spokesperson, told PTI. No dates have been fixed yet for the visit, she said. The Chinese research vessel 'SHI YAN 6' is expected to arrive in Sri Lanka for marine research activities in October. Described as a Research/Survey Vessel with a carrying capacity of 1115 DWT, the current draught is reported to be 5.3 metres in length overall 90.6 metres and width 17 metres, The media here is abuzz that the foreign office here is in an awkward position about the request due to possible concerns being raised by India. The vessel is expected to undertake research jointly with the National Aquatic ...

Chinese warship docks in Colombo after delay caused by Indian concerns

A Chinese Navy warship capable of surveillance has docked at the Colombo port, nearly a year after another spy vessel berthed at a strategic port in the country and raised concerns in India. The Chinese People's Liberation Army Navy warship HAI YANG 24 HAO arrived at the port of Colombo on Thursday, the Sri Lankan Navy said. The vessel is to leave on Saturday. The 129 metre-long ship which arrived in Colombo is manned by a crew of 138 and it is commanded by Commander Jin Xin. The ship is scheduled to depart the country tomorrow, the Navy statement said. According to media reports on Friday, Sri Lanka delayed its arrival upon concerns raised by India. "The Chinese authorities sought permission for it earlier, but Sri Lanka delayed permission because of resistance from India," the Daily Mirror newspaper reported. Despite a briefing by Sri Lanka to Indian officials, the latter remained concerned about the research ship's visit to the island nation. In August last year, a similar vis

Ideal time for Indian entities to invest in Sri Lanka: Minister Semasinghe

The Sri Lankan economy is stabilising faster than previously anticipated and it would be an ideal time for India to invest in the island nation, State Minister of Finance Shehan Semasinghe said ahead of an industry event here on Friday. The minister said Sri Lanka has completed its debt optimisation programme approved by Parliament and in the next couple of weeks, it may conclude the process. "Our economy is stabilising faster than we anticipated. We are confident that with all the reform agenda in place, the economy will start growing by 2024," Semasinghe said here ahead of an industry event "Invest Sri Lanka". The event is hosted by the Confederation of Indian Industry (CII) in collaboration with the Colombo Stock Exchange (CSE). "Invest Sri Lanka" is a series of fora to promote foreign portfolio investment into the Sri Lankan Stock Market by showcasing investment opportunities in leading Sri Lankan-listed companies, according to a CII statement. The events are being held in key

India looks forward to strengthening partnership with Sri Lanka: Murmu

President Droupadi Murmu on Friday said India looks forward to continuing and strengthening its developmental partnership with Sri Lanka. Welcoming Sri Lanka's President Ranil Wickremesinghe, who had called on Murmu at the Rashtrapati Bhavan here, she said Sri Lanka occupies a special place in India's Neighbourhood First' Policy and SAGAR (Security and Growth of All in the Region) vision. "India's multi-pronged support to Sri Lanka in the last one year to tide over its economic challenges is a testament to India's long-standing commitment to bilateral relations with Sri Lanka," the president said. She emphasised that India has always stood with Sri Lanka during its hour of need and would continue to do so in future as well. The president said India looks forward to continuing and strengthening its developmental partnership with Sri Lanka under the leadership of President Wickremesinghe, according to a statement issued by the Rashtrapati Bhavan. Murmu said "our partnership is endur

India, Sri Lanka agree to boost ties via energy, power and port projects

The two countries also will soon restart negotiations on a more expansive trade deal known as the Economic and Technological Cooperation Agreement

India, Sri Lanka adopt vision document to expand economic partnership

India and Sri Lanka on Friday adopted an ambitious vision document to significantly expand economic partnership after wide-ranging talks between Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe. In his media statement, Modi, referring to the economic difficulties in Sri Lanka last year, said India stood "shoulder-to-shoulder" with the people of the island nation during the crisis as a close friend. The prime minister said firming up of an agreement for launch of the UPI payment system in Sri Lanka will result in fintech connectivity between the two sides. The past one year has been full of challenges for the people of Sri Lanka, he said, adding that being a close friend, as always, India stands shoulder-to-shoulder with the people of Sri Lanka. In his comments, Modi said the security interests and development of India and Sri Lanka are intertwined and it is necessary to work together keeping in mind each other's security interests and sensitivities. Modi