[V.Narayan]

https://www.indiatoday.in/india/stor...513-2022-03-28
Good to see India proactively helping Sri Lanka and redressing the imbalance caused by China's presence in the Hambantota port. While our attention is riveted on Ukraine serious good work being done in this corner. It is in our interest that neighbouring countries who jumped into the dent laden belt and road projects of the Chinese are realizing that they are funding China's future strategic assets at the cost of other much more basic amenities needed by their people. A stable, peaceful and prosperous Sri Lanka is very much in our interests.

[SR-71]

Originally Posted by V.Narayan

Good to see India proactively helping Sri Lanka and redressing the imbalance caused by China's presence in the Hambantota port.

I am sure we have our own strategic reasons for that. I doubt our generosity, having been snubbed last year on the Easter Container Terminal deal, is no strings attached.

[V.Narayan]

Originally Posted by SR-71

I am sure we have our own strategic reasons for that. I doubt our generosity, having been snubbed last year on the Easter Container Terminal deal, is no strings attached.

All foreign relations are based on mutual give and take where both sides (except in a war situation) believe in the circumstances they got value for what they gave. These phrases 'no strings attached', 'snubbed' are journalistic phrases. When a matter doesn't go in its favour the MEA doesn't feel snubbed it simply reassess and waits for the next opportunity.

[SR-71]

Originally Posted by V.Narayan

These phrases 'no strings attached', 'snubbed' are journalistic phrases. When a matter doesn't go in its favour the MEA doesn't feel snubbed it simply reassess and waits for the next opportunity.

There is nothing journalistic about those words... its just another way of expressing the same point you mention, there is give and take in foreign affairs. And I don't think I mentioned MEA felt snubbed, I simply stated the fact that the SL government snubbed as at the last minute on the container terminal deal. Since we are playing vocabulary, I don't think proactive would be an apt term to use for this generosity from our end. We did not offer it proactively, their finance minister came asking for it earlier this month and we agreed to help them for strategic reasons.

[anjan_c2007]

Would like to add a few more lines here:-
When all else (China, US, EU, IMF, World Bank or any other big or small bank) fails turn to India. We are large hearted and follow the maxim "help thy neighbours* in need."

(*only the friendly ones)

[JediKnight]

Originally Posted by anjan_c2007

Would like to add a few more lines here:-
When all else (China, US, EU, IMF, World Bank or any other big or small bank) fails turn to India. We are large hearted and follow the maxim "help thy neighbours* in need."

(*only the friendly ones)

India always has been generous. Inspite of being a poor country itself, India historically India has always helped others. But somehow I feel our neighbors have never reciprocated and have taken advantage of our generosity. I somehow have ambivalent feelings about Sri Lanka. First they capitulate to China now when they cannot pay off their debt they suddenly remember India. Till recently I remember they were trapping and killing TN fishermen.

[thanixravindran]

I am not sure how many are aware but there are already reports that there were two boats with Srilankan Tamils have landed in the southern tip fleeing the economic devastation. It is widely covered in Tamil media in the last two weeks. I guess now they are kept in Mandapam camp which was set-up in 1980s to handle the influx of refugees. We don't want a repeat of the 1980s at least in TN.

Please refer my earlier post on this thread about the Chinese Solar park that was thwarted by India. Now India is setting up its own power plants there which was in the news few days ago. I also believe we got the British era Diesel storage tanks back in IOC control in Triconamalai some few months ago.

So the tide is turning and we should recapture what we have lost in the last decade.

[iamahunter]

Sri Lanka's cabinet resigns en masse amid worsening economic crisis!

All 26 ministers submitted letters of resignation - but not Prime Minister Mahinda Rajapaksa.

Earlier protesters defied a curfew to take to the streets in several cities.

The country is grappling with what is said to be its worst economic crisis since independence from the UK in 1948.

It is caused in part by a lack of foreign currency, which is used to pay for fuel imports. With power cuts lasting half a day or more, and shortages of food, medicines and fuel, public anger has reached a new high.

It is a massive turnaround in popularity for Mr Rajapaksa, who swept into power with a majority win in 2019, promising stability and a "strong hand" to rule the country.

Source

[The Rationalist]

Srilankan rupee is pegged at 0.24 against Indian rupee. Today price of petrol in Srilanka is 250, that means ₹62.5 in Indian currency. Today petrol price in India is ₹110! And we are worried about Srilanka !

[sierrabravo98]

Originally Posted by The Rationalist

Srilankan rupee is pegged at 0.24 against Indian rupee. Today price of petrol in Srilanka is 250, that means ₹62.5 in Indian currency. Today petrol price in India is ₹110! And we are worried about Srilanka !

And yet everyone knows which country is going around with a begging bowl in the throes of complete collapse and which country is recording an all time high exports of goods and services.

P.S: This is a deliberate nonsensical reply to a peer post. Other members ought not take this post seriously.

[anjan_c2007]

The island nation could run out of its stock of fossil fuels by this month end according to this Hindustan Times news link of yesterday. As such, nothing has been heard of as yet about the Sri Lankan government's future steps being contemplated to tide over the food and fuel crises.

Sri Lanka is expected to exhaust $500 million in fuel aid provided by India to mitigate the island nation's power crisis with the delivery of 120,000 tons of diesel and 40,000 tons of petrol over the next two weeks. India is scheduled to send three 40,000 ton-shipments of diesel on April 15, 18 and 23, with a petrol shipment of the same quantity to be sent on April 22. India on Wednesday sent two more fuel consignments to Sri Lanka - 36,000 tons of petrol and 40,000 tons of diesel.

Amid fears Sri Lanka might run out of fuel (again) by the end of this month, officials from both sides are negotiating an increase to the credit line. If the talks are unsuccessful Sri Lanka will only be allowed to reuse the credit line once payments are settled for the purchases already made.

So far India has delivered 270,000 tonnes of fuel to Sri Lanka under its neighbourhood first policy to help it overcome its worst economic crisis in decades. Plummeting reserves of foreign currency - down from $2.31 billion in February to $1.93 in March - have left Sri Lanka with no immediate way of paying of billions in foreign debts or for essentials like food and fuel, prompting massive protests.

The $500 million line of credit for fuel provided by India is in addition to the $2.5 billion provided for purchase of other essentials, like food and medicines.

https://www.hindustantimes.com/world...403525847.html

[drive_factor]

Originally Posted by anjan_c2007

The island nation could run out of its stock of fossil fuels by this month end according to this Hindustan Times news link of yesterday. As such, nothing has been heard of as yet about the Sri Lankan government's future steps being contemplated to tide over the food and fuel crises.

But it will still be available for only ₹62.5/lit even if they fully run out of it

[SoumenD]

This news just popped up on the Social media feed. People selling gold for survival. It’s heartbreaking and scary to watch/read.

Link



I have seen experts suggesting investing in gold via SGBs. God forbid, if a srilanka like situation occurs, what happens to SGBs? Should we rather invest some part in physical gold as well?

[Shreyans_Jain]

Originally Posted by SoumenD

I have seen experts suggesting investing in gold via SGBs. God forbid, if a srilanka like situation occurs, what happens to SGBs? Should we rather invest some part in physical gold as well?

SGBs are guaranteed by the sovereign: the state itself or its central or reserve bank. But when the sovereign itself runs out of money, all bets are off. What is happening in Sri Lanka is a very sorry state of affairs, a self made catastrophe due to sheer mismanagement, not helped by the COVID induced slowdown of tourism.

[anjan_c2007]

Yet another shocker emanating from Sri Lanka. They have lately defaulted on the entire $ 51 billion external debt.

https://www.moneycontrol.com/news/wo...ource=inshorts