“India to play constructive role as Co-Chair of Creditors Committee along with Japan and Paris Club”

India was the first creditor nation in January this year to convey the financing assurances needed to kick start the IMF process to Sri Lanka, recalled Deputy High Commissioner High Commission of India, Vinod K Jacob.

He assured that India will continue to play a constructive role as a Co-Chair of the Creditors Committee along withJapan and the Paris Club.

He made these remarks at the Inauguration of the Construction, Power and Energy Expo 2023 in Colombo on Friday which was organized by Lanka Exhibition and Conference Services (Pvt) Ltd (LECS).

The past three years have demonstrated the close links between the people of India and Sri Lanka. In line with the Neighbourhood First policy of the Government of India, the Indian High Commission has steadfastly supported the economic and social ministries of Sri Lanka as they navigated the challenges of the Covid pandemic, the economic crisis and the political upheavals during this period.

India’s financial and humanitarian support worth USD 4 billion is far in excess of the total anticipated Extended Fund Facility of the IMF. The successful visit of External Affairs Minister Dr. S. Jaishankar to Sri Lanka in January this year opened up avenues for further cooperation through investment in infrastructure, manufacturing and promoting connectivity.

“India was Sri Lanka’s largest trading partner in 2022. Sri Lanka’s exports to India have also grown.”

He also stated that the use of Rupees for trade settlement is further helping Sri Lanka’s economy. These are concrete steps to help Sri Lanka’s economic recovery and growth.

I am glad to note that India was once again the largest source of tourists for Sri Lanka last year with over 100,000 tourists and is continuing to top the chart so to say this year as well. “Around one in every five to six tourists in Sri Lanka is an Indian.”

Resumption of Chennai-Jaffna flights is yet another step in bringing the people of the two countries closer. Ferry services between the two countries will bolster this further.

“I am particularly encouraged by the enthusiastic participation of Indian companies in this Expo, which by the latest count amounts to nearly 50. This testifies to the robust economic and commercial links between India and Sri Lanka.”

Meanwhile President, Ceylon institute of builders, Dr Rohan Karunaratne said that they are now seeing a silver lining in the construction industry with President Ranil Wickremesinghe instructing to abandon the projects that are white elephants and to move forward with prospective ones after careful scrutinizing.

The President said the projects will restart in September 2023 after restructuring of the local debts are done”, he said.