Agency, Colombo.
Published by: Dev Kashyap
Updated Mon, 21 Feb 2022 05:30 AM IST
Summary
On January 17, Gotabaya had appealed to Chinese Foreign Minister Wang Yi, who came to Sri Lanka, to waive the loan. The Chinese foreign minister shrewdly rejected the President’s request, saying that Sri Lanka would be able to quickly overcome these temporary difficulties.
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Expansion
On January 17, Gotabaya had appealed to Chinese Foreign Minister Wang Yi, who came to Sri Lanka, to waive the loan. The Chinese foreign minister shrewdly rejected the President’s request, saying that Sri Lanka would be able to quickly overcome these temporary difficulties. However, China had assured the idea of restructuring the debt.
Changes in tone after getting aid of $ 2.50 billion from India
However, Fitch Ratings and Moody’s have downgraded Sri Lanka’s credit rating, worsening Sri Lanka’s ability to borrow from global lenders. Sri Lanka has not been able to import essential commodities including fuel for a few weeks due to depleting foreign exchange reserves. Recently, Sri Lanka’s Foreign Minister GL Peiris visited India and requested for help, after which India gave $2.40 billion in aid to Sri Lanka. After this, on Tuesday last week, India also handed over a consignment of 40,000 metric tonnes of fuel to Sri Lanka.
India holds the key to Sri Lanka’s economy
Sri Lanka’s High Commissioner to India Milinda Morgoda says that India has the key to Sri Lanka’s economy. Sri Lanka can come out of the economic crisis only with the help of India. Tourism forms a major part of Sri Lanka’s economy and India has been the largest market for Sri Lankan tourism.
In China, the Supreme Court was warned on the Internet issue
The Cyber Space Administration (CAC) has warned China’s Supreme Court of action against the country’s Supreme Court for violating Internet rules. The CAC is empowered to take action against the violators of cyberspace rules. By controlling the Internet, China decides that the information reaches the citizens only what it wants.