Milinda and Indian Finance Minister evaluate status of economic cooperation, way forward

Saturday, 28 May 2022 01:22 - - {{hitsCtrl.values.hits}}

Following his meeting in mid-April, Sri Lanka High Commissioner to India Milinda Moragoda again met with Indian Finance and Corporate Affairs Minister Nirmala Sitharaman yesterday to evaluate the status of ongoing cooperation and to discuss the way forward.

High Commissioner Moragoda thanked Minister Sitharaman for the continuation of assistance that India is extending to Sri Lanka in the form of credits for essential commodities and fuel, and also for balance of payment support extended. He particularly appreciated her taking up the case of Sri Lanka on the side-lines of the IMF Spring Meetings in April in Washington D.C., with the IMF, other multilateral institutions and bilateral development partners. High Commissioner Moragoda briefed Minister Sitharaman on the present developments in Sri Lanka.

The High Commissioner reiterated that Sri Lanka would require bridging finance until the economic adjustment programme with the IMF could be negotiated and finalised. In this context, the Minister and the High Commissioner explored the possibility of increasing and restructuring the assistance provided by India in the form of credits for essential commodities and fuel as well as balance of payment support.

In this regard, it was agreed that the established official-level mechanism for conducting the economic dialogue between the two countries should continue.

Government of India Chief Economic Advisor Prof. Anantha Nageswaran who leads the Indian side at the official-level discussions, and senior officials of the High Commission of Sri Lanka in New Delhi also participated in the meeting.

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