India pledges to support Sri Lanka's economic recovery

COLOMBO (News1st): India has agreed to increase its participation in Sri Lanka's post-COVID-19 economic recovery, and to strengthen defence and security cooperation, the Indian High Commission to Sri Lanka said. The agreement had been reached during a meeting between President Gotabaya Rajapaksa and India's newly appointed High Commissioner Gopal Bagley on Friday. "...it was agreed to accelerate India’s participation in Sri Lanka’s post-COVID economic recovery, including through development partnership projects in Sri Lanka and cooperation in trade, commerce and new areas," the high commission noted. Bagley had told the President that Indian companies are ready to invest in the priority sectors identified by the Sri Lankan government. Both officials had also discussed expanding and strengthening defence cooperation by the "exchange of experience, expertise and information, and also joint efforts to tackle common threats such as terrorism." Sri Lanka which is expected to see economic growth declining to 1.5 percent by 2020, according to the central bank, is facing an economic crisis, with at least 4.8 billion dollars to be settled in foreign debt.