India to limit loan assistance due to global crises: Sri Lanka

COLOMBO: Sri Lankan Prime Minister Ranil Wickremesinghe said that due to recent global crises, such as the continuing conflict between Russia and Ukraine, India had to restrict the loan help it provided to the island nation.

"This scenario has worsened due to the current global crises, and we have now moved from being in the frying pan to the oven. The conflict between Ukraine and Russia has made our issue worse. What has now happened is that our problem has been compounded by a global crisis", Wickremesinghe stated in a Monday speech to the legislature.

"We are not the only ones in this condition. This also has an impact on other nations. This global financial crisis also has an impact on Indonesia and India. India had to curtail the loan help it provided to us as a result "He clarified.
Prime Minister went on to say that announcing the organisation of a donor-aid meeting with participation from India, China, and Japan, three friendly nations that had aided Sri Lanka following its worst economic crisis since regaining independence from the British in 1948.

The summit takes place as the nation is putting together a four-year comprehensive loan assistance programme with the blessing of the IMF Board of Directors.

Unlike prior periods when Sri Lanka held discussions with the IMF as a developing nation, Wickremesinghe cautioned that this time the island nation is "in the negotiations as a bankrupt country."

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