India assures full support to new Sri Lankan PM Wickremesinghe

The envoy discussed with him the current situation in the country amid the worst economic crisis

India assured Sri Lanka’s new Prime Minister Ranil Wickremesinghe of its continued support, even as he initiated discussion for setting up an international consortium to channelise foreign assistance to help the island nation to deal with the economic crisis.

Wickremesinghe took over as Sri Lanka’s new Prime Minister on Friday, succeeding Mahinda Rajapaksa, who resigned earlier this week in the wake of widespread protest against his government’s failure to deal with the economic crisis.

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He discussed the proposal of setting up the international consortium during a meeting with India’s envoy to Sri Lanka, Gopal Baglay, on Saturday. New Delhi, according to the sources, is studying the proposal mooted by the new prime minister of Sri Lanka to set up the international consortium, which will include not only India’s quad partners Japan and the United States but also its strategic rival China.

Baglay conveyed greetings and good wishes to Wickremesinghe. They discussed continued cooperation between India and Sri Lanka for economic recovery and stability in the Indian Ocean island nation through democratic processes toward the well being of all the people of the country, according to a tweet by New Delhi’s diplomatic mission in Colombo.

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India over the past few months extended support worth over the US $ 3.5 billion to Sri Lanka as the tiny neighbouring nation plunged into the worst economic crisis it had ever experienced after its independence in 1948. India’s assistance to Sri Lanka included two credit lines – one worth Rs 1 billion to help it procure food, medicines and other essentials as well as another worth Rs 500 million to help it buy fuel.

Besides, India over the past few months not only extended a $ 400 million currency swap to Sri Lanka under the SAARC Framework but also deferred the island nation's Asian Clearing Union (A.C.U.) settlement of $ 515.2 million.

Wickremesinghe was sworn in as the new prime minister of Sri Lanka by the country’s beleaguered President Goatabaya Rajapaksa, who had earlier accepted his brother Mahinda Rajapaksa’s resignation.

Wickremesinghe also had meetings with Mizukoshi Hideaki, Julie J Chung and Yi Xianliang, the envoys of Japan, the United States and China to Sri Lanka.