Courtesy: X / MEAIndia
The state visit of Sri Lanka’s new President Dissanayake to India, is welcome at many levels. His party’s majority win gives Sri Lanka the strength to undertake the hard reforms necessary to put the island back onto its higher economic status. India’s assistance has helped but there is more to be done to elevate the bilateral. For India which is now in a hostile neighbourhood, Sri Lanka can be a valuable friend.
Courtesy: The Hindu
Prime Minister Narendra Modi’s six-day visit to Nigeria, Brazil, and Guyana in November resulted in several bilateral agreements on economic, developmental, energy and technological cooperation. The trip highlighted India’s strategic and diplomatic priorities in Africa, Latin America and the Caribbean and offered the country an opportunity to position itself as a key partner for sustainable development and multilateral cooperation in the Global South.
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At a time of high geo-political tensions, the Kingdom of Saudi Arabia can play a calming role as it mediates between the U.S., Israel, and Iran. It is enabled by its own diplomacy, moving to strengthen ties with Iran, with the Gulf nations slowly coalescing on issues. For the first time, it is being done without the U.S. as interlocutor.
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In its election manifesto for Maharashtra, the winning Bharatiya Janata Party (BJP) has set a goal of transforming Maharashtra into a $1 trillion economy by 2028. To achieve this, the state will need to focus on increasing its share of Foreign Direct Investment which, although the biggest in the country, has stagnated over the past decade.
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The Asia Pacific Economic Community summit, held in Peru from Nov 13-15, attracted many leaders, but most eyes were on President Xi Jinping of China who cut the ribbon on a Peruvian port, China’s largest investment in South America. Meanwhile the APEC CEO Forum was more interested in the impact of incoming U.S. President Donald Trump on their economies and on the region.
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Since their swearing-in in September this year, President Anura Kumara Dissanayake’s cabinet of three has been campaigning for long-term economic and political reform. To make these major changes and put Sri Lanka back on the growth path, they will now need to win a majority in the Parliamentary elections to be held on November 14.
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Israeli Prime Minister Benjamin Netanyahu has secured his political survival since October 7 by managing his key constituencies – domestic and in the U.S. – and doubling down on his war strategy. Now he is making another calculated risk – to ensure a non-nuclear Iran, and thereby his continued political positioning.
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Sri Lanka's sovereign debt default in April 2022 triggered a paralyzing economic crisis. Steep inflation and widespread financial uncertainty hampered any efforts at recovery. The economy is now showing signs of stabilization. Internally focused government policies, foreign investment, aid from development partners like India and the U.S., and the IMF’s recovery program have set Sri Lanka on the path to recovery and, hopefully, eventual economic success.
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In the backdrop of the Shanghai Cooperation Organisation summit being held in Islamabad this week, is a restive state and peoples. Three high profile attacks in just a week were followed by a show of defiance from the large Pashtun community, demanding political equity – but also electricity concessions. The military has been stepping in to resolve commercial power deals, underlining the criticality of this issue in Pakistan.
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The new Sri Lankan government led by President Anura Kumar Dissanayake held its first meeting with the International Monetary Fund on October 3, to discuss further debt relief. Dissanayake, who overcame voter apprehension in the country’s presidential elections held two weeks ago, now has a historic opportunity to bring Sri Lanka out of the crisis and enable a compassionate and efficient transformation.