India, Sri Lanka sign MoU on cooperation

Sri Lanka was facing an economic crisis that began in 2019. The country was grappling with a high debt burden, foreign exchange shortages, inflation, and other economic challenges. 

The good news is that the Sri Lankan economy is getting better. According to the latest prediction from the International Monetary Fund (IMF) in April 2023, the economy is expected to start growing again next year. In 2023, there might be a slight contraction of -3.1 percent, but in 2024, it’s predicted to grow by 1.5 percent. 

However, the bad news is that there have been some negative effects due to the economic struggles. Inflation has decreased to 35.3 percent in April 2023, but because of the economic problems, many people have lost their jobs. This has led to a rise in income poverty, with about 25 percent of the population living in poverty. 

Additionally, some families are having trouble affording nutritious food, leading to child malnutrition. Overall, while there are positive signs of improvement, there are still challenges to be addressed in the Sri Lankan economy. 

How India is helping Sri Lanka?

On July 21, 2023 PM Narendra Modi applauded the Sri Lankan PM for his contribution in re developing Sri Lanka during his second visit of his term as PM. India and Sri Lanka have agreed to work together in two important areas.

  Firstly, they have signed an agreement called Memorandum of Understanding (MoU) to cooperate in renewable energy. This means they will help each other in using clean and green energy sources. They will share knowledge, technical expertise, and do research to develop and implement renewable energy projects. 

Secondly, they have issued a Joint Declaration of Intent (JDI) to strengthen their collaboration in animal husbandry and dairying. This means they will work together to improve farming practices for animals and dairy products. They will share the best ways to take care of animals, use new scientific methods, and introduce advanced technologies in farming. 

Both of these agreements show that India and Sri Lanka are committed to helping each other and promoting sustainable development. By sharing resources and knowledge, they want to make progress in these important areas, which will not only help their economies grow but also protect the environment.

20 thoughts on “India, Sri Lanka sign MoU on cooperation”

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