India’s aid to Sri Lanka
What’s in the news?
- India handed over 21,000 tonnes of chemical fertilizer to the crisis-ridden neighbour Sri Lanka. This follows 44,000 tonnes supplied last month under Indian support, totalling about 4 billion US dollars in 2022.
- The fertilizer will contribute to food security and support the farmers of Sri Lanka. It demonstrates benefits to the people from close ties with India and mutual trust and goodwill between India and Sri Lanka.
- India has been at forefront of extending economic assistance to Sri Lanka as per their requirements and is one of the countries that have provided the maximum amount of assistance in time of need.
- Since the beginning of 2022, Sri Lanka has experienced an escalating economic crisis and the government has defaulted on its foreign loans. The United Nations warned that 5.7 million people require immediate humanitarian assistance.
- Sri Lanka is also facing a foreign exchange shortage, which has, incidentally, affected its capacity to import food and fuel, leading to the power cuts in the country. The shortage of essential goods forced Sri Lanka to seek assistance from friendly countries.
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