India finalises cooperation plan to revive Covid-hit Sri Lanka economy

As Sri Lanka battles to revive its Covid-battered economy, New Delhi and Colombo have agreed on a four-pronged cooperation package comprising urgent food and health security, energy security, currency swap and Indian investments.

The short- to medium-term plan was decided during Sri Lanka Finance Minister Basil Rajapaksa’s visit to India this week. He met his Indian counterpart Nirmala Sit

haraman and External Affairs Minister S Jaishankar, among others.

The brother of Sri Lanka Prime Minister Mahinda Rajapaksa and President Gotabaya Rajapaksa, Basil Rajapaksa is considered a political strategist. He was a confidante of Mahinda Rajapaksa when he was President.

According to a statement issued by the Sri Lanka High Commission in New Delhi, the two sides discussed “four pillars” for short- and medium-term cooperation. These are:

– An urgent food and health security package that would envisage an extension of a line of credit to cover the import of food, medicines and other essential items from India to Sri Lanka

– An energy security package that would include a line of credit to cover the import of fuel from India, and early modernisation of the Trincomalee Tank Farm

– An offer of a currency swap to help Sri Lanka address its balance of payment issues

– Facilitating Indian investments in different sectors in Sri Lanka that would contribute to growth and expand employment

Via – Indian Express