Sri Lankan President Ranil Wickremesinghe Photograph:(X)
Colombo, Sri Lanka
The Sri Lankan President Ranil Wickremesinghe has said that his country will repay India's loan and emphasised on Delhi's key role in the country's energy, infrastructure, and connectivity projects.
Speaking at the 31st All India Partner’s Meet 2024 (AIPM 2024), in Colombo, the President highlighted the importance of increased cooperation between the two nations, particularly in the energy sector that will promote development for the Northern region, which has been deeply affected by three decades of conflict.
He said, "We are looking at developing the Palk Strait for wind energy and solar energy, both countries to get together and have a large farm for solar energy, for renewable energy. It also means that we will have a new economy for the northern province, which was worst affected by the wars."
The President pointed out that India and Sri Lanka discussing ways to expedite the Trincomalee Development Project. "Trincomalee is poised to become a hub for oil refining, with the development of ports & investment zones, transforming it into a significant hub on the Bay of Bengal", he further stated.
Plans are underway to construct a multi-product oil pipeline from Nagapattinam to Trincomalee, pending the final observation report. Plans are underway for the Indian role in expanding the Kankesanturai port, which is the major port on the Jaffna Peninsula & development of the Palali airport.
"When I was in Delhi last week, I discussed with Prime Minister Modi the need to accelerate the joint program that we have decided, agreed on. So the major ones are identified... Now this will show the new path we are taking, and a number of projects, all will be in one parcel.", he explained.
While the Sri Lankan President was in Delhi on 9th June to attend the oath-taking ceremony of PM Modi, External Affairs Minister Dr S Jaishankar travelled to the country on June 20. During the latter's visit, the Maritime Rescue Coordination Centre (MRCC) was commissioned that has been built with Indian support. It enhances Sri Lanka's ability to patrol its vast maritime zone.
The Sri Lankan President lauded India's role in supporting the country economically during the financial crisis. The Indian government extended a $3.5 billion credit line to Sri Lanka to support the island nation's efforts to stabilize the economy and address the severe shortages of essential goods, including food, fuel, and medicine. The President said, "Having now survived two difficult years, I must acknowledge that this was possible because India gave us a loan of $3.5 billion. All that will be repaid".
Next week will be a key week for Sri Lanka's economic recovery. Sri Lanka will meet the Official Creditors Committee (OCC)-co-chaired by India, Japan, and France & hold talks with the Exim Bank Of China that could lead to external debt restructuring and pave the way for more financial recovery. The President hoped that next week will see the "end of bankruptcy."