India should help Sri Lanka during the crisis and also resolve some of the bilateral issues. Explain (200 Words)
Refer - The Hindu
Enrich the answer from other sources, if the question demands.
IAS Parliament 2 years
KEY POINTS
· Sri Lanka is facing an economic crisis with long queues in front of petrol stations, steep rise in prices of essential commodities and frequent blackouts.
· Although the COVID-19 pandemic precipitated a crisis of trade imbalance, the fundamentals of the Sri Lankan economy have always had serious issues. Debt, both domestic and foreign, has been a major problem.
· Over the last three months, India has provided assistance of $2.4 billion including a $500 million loan deferment and $1 billion credit line to enable the supply of essential commodities.
· Apart from approaching Beijing, Colombo has also sought help from the International Monetary Fund, shedding its earlier reservation of taking help from the agency.
· Compulsions of electoral politics should not come in the way of tough measures such as restructuring the administration of concessions and subsidies.
· Perhaps, Tamil Nadu has already started feeling the impact of the crisis with the reported arrival of 16 persons from Sri Lanka, including six women and seven children, through illegal means.
· On the contrary, the crisis should be used as an opportunity for New Delhi and Colombo to thrash out a solution to the Palk Bay fisheries dispute, a longstanding irritant in bilateral ties.
