New Delhi [India], February 15 (ANI): Minister of Commerce and Industry, Piyush Goyal on Tuesday met Sri Lanka’s High Commissioner Milinda Moragoda and discussed support for economic recovery through bilateral trade expansion.
The High Commission of Sri Lanka released a press release stating that the discussions between Minister Goyal, High Commissioner Moragoda and each other were very cordial.
The key issues that were discussed by the Indian Commerce Minister with the Sri Lankan High Commission included the expansion of bilateral trade, ways to promote and establish rupee trade between Sri Lankan and India, as well as the possibility of further bilateral integration of the textiles sector.
Moragoda thanked India to its unmatched support of Sri Lanka to reduce the negative economic effects of the crisis.
Recalling India’s timely issuance of financial assurances to the IMF, the first creditor to do so, High Commissioner Moragoda emphasized the key role that India could play in the recovery phase of the Sri Lankan economy, added the press release.
India sent financing assurances to the International Monetary Fund (IMF), becoming the first of Sri Lanka’s creditors to officially back the crisis-hit island nation’s debt restructuring programme.
This takes Sri Lanka one step closer to getting a crucial USD 2.9-billion package from the IMF, made contingent on “receiving financing assurances from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors.”
Notably, China, Japan, and India are Sri Lanka’s three largest bilateral lenders.
S Jaishankar, Minister of External Affairs, visited Sri Lanka in January and stated that India is committed towards increasing investment flows into Sri Lanka for its economic recovery.
India and Sri Lanka met during his visit to discuss cooperation in infrastructure, connectivity and energy.
Jaishankar’s visit to the island nation came at a crucial time as Sri Lanka has been making efforts to obtain an extended fund facility from International Monetary Fund. (ANI)
This report is automatically generated from ANI’s news service. ThePrint is not responsible for the content.