After providing about $4 billion in financial assistance this year as its neighbor suffered its worst economic crisis in more than seven decades, India said on Tuesday that it would continue to support Sri Lanka, mostly through long-term investments.
last week, India has no plans to give Sri Lanka any additional financial aid as the island’s devastated economy began to recover following the International Monetary Fund, tentative loan deal (IMF).
The Indian High Commission in Sri Lanka released a statement saying, “We continue to support Sri Lanka in all feasible ways, particularly by pushing long-term investments from India in critical economic sectors in Sri Lanka for its early economic recovery and prosperity.”
In Sri Lanka, where the president earlier this month requested his authorities to remove roadblocks to projects supported by India, it was reported that India has ongoing development projects worth roughly $3.5 billion. He made no mention of the challenges or the initiatives.
Sri Lanka will expand its free trade agreement with India into a comprehensive economic and technological relationship, according to President Ranil Wickremesinghe.