High Commissioner of Sri Lanka to India, Milinda Moragoda met with the Finance and Corporate Affairs Minister of India Smt. Nirmala Sitharaman on 14 February 2023 at the Ministry of Finance in New Delhi, as the latest of a series of meetings he has had with her since November 2021.
The meeting between the Finance Minister of India and the High Commissioner of Sri Lanka took place just ahead of the first meeting of the G20 Finance Ministers scheduled to be held on 24-25 February 2023 in Bengaluru, chaired by Minister Sitharaman.
During the discussion, High Commissioner Moragoda once again thanked Minister Sitharaman for the unprecedented emergency assistance that India has extended to Sri Lanka and for the timely issuance of India’s financial assurances to the International Monetary Fund, concerning the country’s debt restructuring process.
The High Commissioner also thanked India and Minister Sitharaman for the assistance being provided to Sri Lanka in the present economic recovery phase, in particular for the necessary regulations and approvals that are being set in place to facilitate rupee trade between the two countries. The discussion also focused on the ways and means to utilize the available resources in the 1 billion USD Indian line of credit to import urgently required essential pharmaceuticals, which are in short supply in Sri Lanka.
High Commissioner Moragoda briefed Minister Sitharaman on Sri Lanka’s ongoing discussions with the International Monetary Fund to obtain the Extended Fund Facility and the present status of the country’s debt restructuring process. Whileapprising the Minister of the drastic impact the present economic contraction is having on the population of Sri Lanka, High Commissioner Moragoda expressed his appreciation to Minister Sitharaman for her efforts in garnering international support for Sri Lanka’s case including at the G20 forum.