India extended $ 15 million to Sri Lanka for the promotion of Buddhist culture between both nations, as Prime Minister Narendra Modi held a virtual virtual meeting with his Sri Lankan counterpart, Mahinda Rajapaksa, on Saturday.
The $ 15 million will be used to renovate Buddhist monasteries, promote shared culture between the two nations with connection to Buddhism, and support Buddhist clergy. India is currently discussing Sri Lanka’s request for the $ 1.1 billion bilateral currency exchange. India is also discussing the issue of deferring debt repayments by Sri Lanka.
During the summit, Modi and Rajapaksa also discussed the trade ties between the two countries. Prime Minister Modi conveyed to his Sri Lankan counterpart that he hopes Colombo will relax temporary restrictions on the import of some Indian products. India also proposed launching a bilateral air bubble with Sri Lanka to travel between the two countries.
Both nations also agreed to extend the memorandum of understanding on certain high-impact community development projects over the course of the next five years.
In his speech, Prime Minister Narendra Modi stressed that, under India’s “Neighborhood First” policy, India gives priority to its relationship with Sri Lanka. “Relations between India and Sri Lanka are thousands of years old. According to the first neighborhood policy of my government and the SAGAR doctrine, we give special priority to relations between the two countries, ”he said.
Prime Minister Modi also asked Rajapaksa to look into the Sri Lankan Tamil issue and, as part of reconciliation efforts, ensure that the government works to fulfill his expectations.
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