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Crisis-hit SL asks China to restructure debt repayments

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 Sri Lankan President Gotabaya Rajapaksa has asked China to restructure the crisis-hit island nation’s debt repayments as part of efforts to help the South Asian country navigate its worsening financial situation, the BBC reported.

Rajapaksa made the request during a meeting with Chinese Foreign Minister Wang Yi on Sunday.

In the last decade, China has lent Sri Lanka over $5 billion for projects including roads, an airport and ports, the BBC report said.

China is Sri Lanka’s fourth biggest lender, behind international financial markets, the Asian Development Bank and Japan.

But critics say the money was used for unnecessary schemes with low returns.

“The President pointed out that it would be a great relief to the country if attention could be paid on restructuring the debt repayments as a solution to the economic crisis that has arisen in the face of the Covid-19 pandemic,” Rajapksa’s office said in a statement.

The statement also said China was asked to provide “concessional” terms for its exports to Sri Lanka, which amounted to around $3.5 billion last year, without providing further details, the report added.

Rajapaksa also offered to allow Chinese tourists to return to Sri Lanka provided they adhere to strict coronavirus regulations.

Before the pandemic, China was Sri Lanka’s main source of tourists and it imports goods from the Asian giant more than from any other country.

In recent months, Sri Lanka has been experiencing a severe debt and foreign exchange crisis, which has been made worse by the loss of tourist income during the pandemic, the BBC report said.

The country has received billions of dollars of soft loans from China but the island-nation has been engulfed in a foreign exchange crisis which some analysts have said has pushed it to the verge of default, as per the BBC report.

Sri Lanka has to repay about $4.5 billion in debt this year starting with a $500 million international sovereign bond, which matures on January 18.

International News

Putin to visit India, ‘one of the great powers of our time’, soon: Lavrov

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Moscow, March 27: Citing that the political dialogue between India and Russia is “developing dynamically” and is facilitated by the fact that Moscow and New Delhi “have close or even coinciding views on the objectively emerging multipolar world order”, Russian Foreign Minister Sergei Lavrov has said that preparations are being made for Russian President Vladimir Putin’s upcoming visit to India.

“Relations between our countries have a long history. It can be said that they have stood the test of time more than once. Today, Russia and India are developing equal cooperation based on sincere, mutual respect and consideration of each other’s interests,” Lavrov told the participants of the first international conference ‘Russia and India: Towards a New Agenda for Bilateral Relations’ which was also addressed by External Affairs Minister (EAM) S. Jaishankar.

“It is difficult to overestimate the contribution of our leaders to this process. It is symbolic that Prime Minister Narendra Modi made his first bilateral foreign visit after his re-election last year to Russia. Now it is our turn. Russian President Vladimir Putin accepted the invitation of the head of the Indian government. The visit of the head of the Russian state to the Republic of India is being prepared,” he added.

Earlier, Kremlin aide Yury Ushakov had confirmed that Putin is expected to visit India in early 2025 following an invitation from Prime Minister Modi.

The visit is being planned as part of the ongoing commitment to annual meetings between the two leaders.

“Our leaders have an agreement to meet once a year. This time, it is our turn,” Ushakov had said during a press briefing.

The last visit by the Russian President to India took place on December 6, 2021, during the 21st India-Russia Annual Summit in New Delhi.

Meanwhile, PM Modi held two high-profile visits to Russia last year, attending the 22nd Russia-India Summit in July and later participated in the BRICS Summit held in Kazan in October.

Addressing the gathering during the Russia-India conference, Lavrov highlighted how the relations between both countries have a solid material base.

“Trade and economic cooperation is steadily expanding. We are successfully overcoming the attempts of certain ill-wishers to prevent this. In 2024, bilateral trade turnover exceeded $60 billion. This is the highest result in the entire modern history of relations. But, of course, this is not the limit. We continue to work to achieve the goal set by the leaders at last year’s July summit: to bring trade turnover to $100 billion by 2030. The increase in practical cooperation reflects not only the existing potential of Russian-Indian trade, but also the great interest of the business circles of our countries in its full development, including the implementation of joint investment projects,” he said.

The Russian Foreign Minister stated that, along with partner India, Russia advocates for the democratization of international relations, for an increased role for the Global South in economic governance mechanisms, respect for the cultural and civilizational identity of all peoples of the world, and their right to independently determine their own development paths.

“We highly value and welcome the ability of Indian diplomacy to implement an independent, multi-vector foreign policy course. We believe that India has every reason to have the status of one of the great powers of our time, one of the influential centres of the multipolar world. We share the philosophy of the Indian foreign policy concept “The whole world is a family”, aimed at ensuring international cooperation for the benefit of all mankind based on a balance of interests of all states. We value joint work in the UN , the G20 , BRICS , SCO and other multilateral platforms,” he mentioned.

“I would like to separately express gratitude to the Russian side for the fact that India, and Prime Minister Narendra Modi personally, consistently takes a balanced position with regard to the Ukrainian crisis and advocates its resolution through dialogue and the elimination of the root causes of this conflict,” he added.

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International News

Egypt, Spain reject Israeli military operations in Gaza

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Cairo, March 26: Egyptian President Abdel-Fattah al-Sisi and Spanish Prime Minister Pedro Sanchez rejected the ongoing Israeli military operations in the Gaza Strip.

During a phone conversation on Tuesday, they emphasised the necessity of an immediate ceasefire, an end to the Israeli ground incursion into the Strip, and the urgent delivery of humanitarian aid, Xinhua news agency reported quoting a statement from the Egyptian presidency.

Sisi reaffirmed Egypt’s opposition to any attempts to displace Palestinians from their land. Sanchez backed an Arab-led plan to rebuild Gaza and aligned Spain’s position with Egypt in rejecting the forced displacement of Palestinians or any move to undermine their cause, the statement said.

Sanchez, in a brief statement on X, confirmed his discussion with Sisi and called for “the immediate restoration of the ceasefire and a return to the negotiating table to achieve peace and stability in the region based on the two-state solution.”

“This tragic spiral of destruction and death must end,” he added.

The two leaders also discussed the situations in Syria and Lebanon, emphasising the need to maintain both countries’ stability and territorial integrity.

Israel resumed strikes in Gaza on March 18 after its ceasefire deal with Hamas that began on January 19 unraveled. Israeli forces subsequently launched ground operations across southern, northern, and central Gaza. The death toll from this new escalation has topped 792, according to the Gaza-based health authorities.

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International News

India tells Pakistan it must quit Kashmir, stop justifying terrorism

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United Nations, March 25: India has told Pakistan to vacate the illegally occupied territory in Jammu and Kashmir and stop justifying state-sponsored terrorism.

Replying to a Pakistan attempt to raise Kashmir for the umpteenth time in the Security Council, India’s Permanent Representative P. Harish said on Monday, “Such repeated references neither validate their illegal claims nor justify their state-sponsored cross-border terrorism.”

“Pakistan continues to illegally occupy the territory of Jammu and Kashmir, which it must vacate,” he said, adding “That would be in keeping with Security Council Resolution 47 adopted on April 21, 1948, that requires Pakistan to withdraw its forces and infiltrators from Kashmir.”

“Jammu and Kashmir was, is, and will always be an integral part of India,” Harish declared.

He added, “We would advise Pakistan not to try to divert the attention of this forum to drive their parochial and divisive agenda.”

Earlier during the debate on the new realities facing peacekeeping, Syed Tariq Fatemi, Pakistan’s junior foreign affairs minister, said the Council should enforce its resolution on a plebiscite for Kashmir.

However, that resolution made it a point to demand that Pakistan “secure the withdrawal from the State of Jammu and Kashmir of tribesmen and Pakistani nationals not normally resident therein who have entered the State for the purpose of fighting”. The resolution also orders Pakistan to stop aiding militants or infiltrating. It demanded that Islamabad “prevent any intrusion into the State of such elements and any furnishing of material aid to those fighting in the State”.

A plebiscite could not be held when the Council resolution was passed because Pakistan sabotaged it by refusing to abide by the precondition of its withdrawal from Kashmir. India maintains that a plebiscite is now irrelevant because the people of Kashmir have made clear their allegiance to India by participating in elections and by electing the leaders of the territories.

Fatemi brought up the UN Military Observer Group in India and Pakistan (UNMOGIP) that was set up in 1949 to monitor the ceasefire along the Line of Control. India barely tolerates the UNMOGIP’s presence in India considering it a relic of history made irrelevant by the 1972 Shimla agreement between the leaders of the two countries declaring the Kashmir dispute a bilateral issue with no room for third parties. India has ousted UNMOGIP from the government-provided building in New Delhi.

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