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Sri Lankan FM Basil Rajapaksa Calls On PM Modi, Likely To Bag LoC

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By: Ayanangsha Maitra
Updated: March 17, 2022 13:22
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NEW DELHI: Sri Lankan Finance Minister Basil Rajapaksa, who is on a two-day official visit to New Delhi, called on Prime Minister Narendra Modi here on Wednesday.

Finance Minister Rajapaksa briefed PM Modi on initiatives being taken by both countries to increase bilateral economic cooperation, and conveyed his thanks for the support extended by India for the Sri Lankan economy, the Ministry of External Affairs (MEA) said.

During the meeting, Prime Minister Modi spoke about the central role that Sri Lanka occupies in India’s ‘Neighbourhood First’ policy and its doctrine of SAGAR (Security and Growth for all in the Region). “He reiterated that India would continue to stand with the friendly people of Sri Lanka,” the MEA said.

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The Sri Lankan finance minister noted the deepening people-to-people relations between both countries, including in the cultural sphere. “The prime minister pointed to the potential for increasing tourist flows, including through joint promotion of Buddhist and Ramayan tourism circuits,” the MEA stated.

The government of India has extended a USD 500-million line of credit (LoC) to the island nation for buying fuel in addition to a currency swap deal in the last few months.

The New Indian has learnt that the government of President Gotabaya Rajapaksa, which is facing several economic challenges, is in talks with the government of India to secure a line of credit worth USD 1 billion.

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