New Delhi [India], March 28 : Foreign Secretary Vikram Misri, during the special briefing on Prime Minister Narendra Modi's upcoming visit to Thailand and Sri Lanka, emphasised that Sri Lanka is an integral part of India's "Neighborhood First" policy and provided the help to the island nation at critical moments.
"Sri Lanka is an integral part of our neighbourhood first policy, and the relationship is based on mutual trust and goodwill and has stood the test of time. India has come to the assistance of Sri Lanka at critical moments, most recently during the unprecedented economic crisis that Sri Lanka faced in 2022, and India was glad to be able to play a key role in the economic stabilization and recovery of Sri Lanka...," said Misri.
The relationship is built on mutual trust, goodwill, and a history of cooperation. India provided critical assistance to Sri Lanka during its economic crisis in 2022.
Sri Lanka defaulted in 2022 amid unsustainable debt and depleted reserves, driven by macroeconomic mismanagement and long-standing structural weaknesses and exacerbated by exogenous shocks.
However, reforms implemented since 2022, including cost-reflective utility pricing, new revenue measures, a return to prudent monetary policy, and domestic debt restructuring, have helped regain macroeconomic stability.
"With respect to debt restructuring, India was in a sense the first responder here too by extending nearly USD 4.5 billion of assistance in the in 2022-23 and we also played a key role in extending the necessary financial assurances that then enabled the International Monetary Fund to extend the extended fund facility to Myanmar," he said.
Misri said that India had been working on further debt restructuring agreements, which will be clearer following the visit.
"We also played a very important role as co-chairs of the Official Creditors Committee and have been working together with Sri Lanka to finalise the debt restructuring agreements. Some agreements have already been signed, but we are in the final stages of concluding some others. They are likely to be concluded very soon. You'll hear about them during the visit," he added Misri.
Prime Minister Narendra Modi will visit Sri Lanka from April 4th to 6th, marking his fourth visit to the island nation during his tenure.
The invitation was extended by President Anura Kumara Dissanayake, who had visited New Delhi in December 2024, making Modi the first foreign leader to be hosted by Dissanayake as President.
"Following the BIMSTEC summit in Bangkok, the Prime Minister will travel to Sri Lanka from 4th to 6th April for a state visit on the invitation of President Anura Kumara Dissanayake of Sri Lanka. You would all recall that President Dissanayake visited New Delhi in December of 2024 on his first overseas visit after taking office as President and now Prime Minister Modi is returning this visit by becoming the first foreign leader to be hosted by President Dissanayake in his capacity as President of Sri Lanka...This will also be the Prime Minister's fourth visit to Sri Lanka during his tenure in office...," said Misri.
Misri said that the visit would be followed by Dissanayake's 2024 visit to India and a commitment to find complementary benefits in each other's economies.
"This visit therefore also comes in the context of a recovering Sri Lankan economy and as Sri Lanka resumes its growth path, the visit is coming at an opportune moment for giving the two countries an opportunity to explore new areas of partnership and cooperation. You would also recall the joint statement that was adopted on the occasion of President Dissanayake's visit in December 2024, where there was a commitment to explore the complementarities in the two economies for mutual benefit, and taking that forward, this visit too will focus on promoting investments and deepening connectivity, physical connectivity, digital connectivity, energy connectivity, and in various other domains," he said.
Misri said that these frequent visits imply the closeness of bilateral relations between these countries.
"These visits coming as they do in close succession reflect the importance that both countries, India and Sri Lanka, attach to their bilateral relations. This will also be the Prime Minister's 4th visit to Sri Lanka during his tenure in office. He last visited Sri Lanka in 2019, that was on as a mark of solidarity after the Easter Sunday terrorist attacks in Colombo," he said.
Misri talked about how India and Sri Lanka are linked through civilization and how their relations have endured.
"The India-Sri Lanka relationship is one that is rooted in deep civilizational links based on shared ties of history, religion, culture, and strong people to people ties, as well as in the modern era, very close economic, cultural, and technical partnership. Sri Lanka is an integral part of our neighbourhood first policy, and the relationship, based on mutual trust and goodwill, has stood the test of time," he said.
Misri said that upon arrival, PM Modi will be accorded a ceremonial welcome on April 5 and will sign various projects with Sri Lanka.
"There will be a ceremonial welcome there, and the following day, the 5th of April, will be the main day of engagements in Colombo. The Prime Minister and President will hold official discussions. They will together dedicate several projects that are being built with Indian assistance in Sri Lanka, and we'll also witness the exchange of several MOUs pertaining to energy connectivity, digitization, defence, health, and multi-sectoral grant assistance," he said.
Misri said that the leaders will witness the virtual groundbreaking of the Sampur solar energy project, and the PM will meet with other Sri Lankan leaders.
"The two leaders will also witness the virtual groundbreaking of the Sampur solar energy project. This is, in many senses, going to be a milestone in the bilateral partnership. The Prime Minister will meet with other political leaders in Sri Lanka during his stay in Colombo. And the President will also host a state banquet in his honour," he said.
Misri said that Dissanayake and PM Modi would travel to Anuradhapura and pay their respects at the Jaya Sri Maha Bodhi temple there.
"The following day, on April 6, President Dissanayake and Prime Minister will travel together to the historic city of Anuradhapura. They will pay their respects at the Jaya Sri Maha Bodhi temple there, as you would all be aware, this temple holds a rather special significance in the India Sri Lanka Civilizational Partnership because it is here at this temple that a sapling from the Bodhi tree was brought by Theri Sanghamita, the daughter of Emperor Ashoka from India and was planted there in the precincts of the temple," he said.
"During the visit to Anuradhapura, the two leaders will also inaugurate two India-assisted projects in Rampura, and the Prime Minister will leave for home later on the 6th of April. These are just some elements of the visit," he added.