It shows that India “will be the most important partner for Sri Lanka to reset its economy, its bureaucracy, its decision making systems for future economic partnerships,” he added. The visit is “a clear signal that India’s support over the last year is appreciated,” said Constantino Xavier, a fellow at the Centre for Social and Economic Progress. It was also the first creditor to extend a letter of support towards Sri Lanka’s debt restructuring efforts that helped kickstart support from the IMF, which approved a $3 billion bailout package in March. India provided critical financial and humanitarian assistance worth over $4 billion to its neighbor, including food, medicine and fuel, aimed at injecting much-needed stability as its bankrupt neighbor battled outstanding total debt of over $83 billion, of which $41.5 billion was foreign. It also suspended its repayment of foreign debt last year. Relations between the two countries surged last year when Sri Lanka was mired in its worst economic crisis in modern history, triggered by a severe foreign currency crunch that saw essential items run out and citizens queue for fuel for days. Being a close friend, as always, we stand shoulder-to-shoulder with the people of Sri Lanka,” Modi said in his remarks. “The past one year has been full of challenges for the people of Sri Lanka. Modi said the two leaders adopted a vision to boost their economic cooperation, including strengthening martime, air and energy connectivity between their citizens and accelerating mutual cooperation in tourism, trade and higher education. “My visit to India has provided an opportunity to review our bilateral relationship, leverage the strength of geographical and civilizational links, reinforced trust and confidence for our future prosperity in the modern world,” Wickremesinghe said. On Friday, he held talks with Indian Prime Minister Narendra Modi and the two leaders unveiled agreements on technology, renewable energy and greater connectivity designed to deepen bilateral relations between India and Sri Lanka. Sri Lankan President Ranil Wickremesinghe arrived in New Delhi a day earlier for the official visit, his first since taking up the top job last year after an economic meltdown forced his predecessor to flee. NEW DELHI (AP) - Sri Lanka and India signed a series of energy, development and trade agreements on Friday, signaling growing economic ties between the neighboring countries.
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