Sri Lankan President Ranil Wickremesinghe is set to embark on his first official visit to India on July 21, with the trip expected to pave the way for new agreements and collaborations in various sectors. The discussions will cover areas such as power and energy, agriculture, and maritime issues. President Wickremesinghe will be accompanied by three of his top ministers, underscoring the significance of the visit.
One of the crucial topics likely to be addressed during the President's visit is China's activities in the Southern Indian Ocean Region, which have raised concerns over India's security interests. India had closely monitored the visit of a Chinese spy ship to Sri Lanka last year, making it a pressing matter for discussion between the two nations.
India has been instrumental in assisting Sri Lanka in stabilizing its economy, which experienced its worst downturn in 2022. With a financial support package amounting to USD4 billion, India played a key role in helping the cash-strapped country recover from its economic woes. In recent developments, Indian Foreign Secretary Vinay Kwatra visited Colombo for two days earlier this week to finalize the necessary arrangements related to President Wickremesinghe's upcoming visit.
President Wickremesinghe assumed office last year, taking over from Gotabaya Rajapaksa after widespread protests. His appointment marked the fulfillment of his lifelong aspiration to become Sri Lanka's President, and he has prioritized building a legacy centered around economic recovery.
Strengthening ties with India has been a cornerstone of his foreign policy agenda, as per individuals familiar with the matter. The formal invitation for President Wickremesinghe's visit was presented to him by India's External Affairs Minister S Jaishankar in January this year. The timing of the visit aligns with positive indications of improvement in Sri Lanka's weak economy.
Sri Lanka faced an unprecedented financial crisis in 2022, the most severe since gaining independence from Britain in 1948, primarily due to a shortage of foreign exchange reserves. To address this, India extended economic assistance to Sri Lanka through dedicated credit lines for fuel and essential commodities, providing a lifeline for the struggling nation.
In addition, Sri Lanka secured a USD2.9 billion bailout from the International Monetary Fund (IMF) in March of this year, spanning a four-year period, contingent upon the implementation of necessary reforms.
