Sri Lanka (Commonwealth Union)_ After a year’s delay, Sri Lanka’s President Ranil Wickremesinghe is embarking on his first official trip to India, aiming to make up for lost time. The visit, scheduled for July 20-21 in Delhi, is focused on fostering closer cooperation between the two neighboring countries and promoting enhanced connectivity. This visit comes at a crucial point when Sri Lanka is showing signs of economic recovery after enduring a severe financial crisis over the past year. In March, the country secured a 2.9 billion dollar bailout from the IMF, spread across four years, to alleviate the crisis. However, challenging decisions lie ahead, and Wickremesinghe finds himself under immense pressure to steer the nation towards stability.
According to the ministry of external affairs, India views Sri Lanka as a significant partner in its “Neighbourhood First Policy” and “Vision SAGAR,” and the visit aims to strengthen the enduring friendship between the two nations while exploring opportunities for mutually beneficial cooperation across various sectors. A statement issued by the ministry of external affairs said, “Sri Lanka is an important partner in India’s Neighbourhood First Policy and Vision SAGAR. The visit will reinforce the longstanding friendship between the two countries and explore avenues for enhanced connectivity and mutual beneficial cooperation across sectors’’.
Ranil Wickremesinghe, who assumed office following Gotabaya Rajapaksa’s ousting, faces the daunting task of recovering an economy on the verge of collapse. During the economic crisis, India emerged as a supportive neighbor, extending a 4 billion dollar bailout along with lines of credit and financial assistance. Notably, India approached the IMF to bolster Sri Lanka’s case and ensure the bailout’s approval. The President’s visit agenda includes discussions with Prime Minister Narendra Modi and a meeting with President Draupadi Murmu. However, given the tight schedule, the President will only spend 27 hours in India.
Further, while Wickremesinghe has shown pro-India inclinations and advocated for stronger economic ties, deep-rooted distrust between him and Prime Minister Maithripala Sirisena prevented any concrete gains from materializing, such as the Comprehensive Economic Partnership Agreement, which remains unsigned. Sri Lanka has high hopes of attracting investments, and there are discussions on an oil pipeline linking Nagapattinam, Trincomalee, and Colombo. Further, both countries are also exploring opportunities to enhance air connectivity.
However, amidst these aspirations, concerns over China’s influence persist. The Hambantota Port has been leased to China for an extensive period of 99 years to settle debts, raising eyebrows in India. Additionally, the presence of the Chinese research vessel Yaun Wong5, viewed by China as scientific and by India as a surveillance ship, further strained relations, especially after India’s financial assistance to Sri Lanka. However, Sri Lanka has attempted to allay India’s apprehensions by establishing a “standard operating procedure” for dealing with future calls from military research vessels and crafts.
