Sri Lankan crisis is a "serious matter": EAM

New Delhi, July 10: External Affairs Minister S Jaishankar on Sunday said that the economic crisis in Sri Lanka is a "serious" matter and highlighted India's help to the island nation.

Speaking to media in Thiruvananthapuram, Jaishankar said, "The Sri Lankan crisis is a serious matter. It is something which has been built over a period of time. Prime Minister Modi has a policy called 'Neighbourhood First.' We try and support our neighbours in a way which meets their requirements."

He pointed out that India has pledged USD 3.8 billion to support Sri Lanka amid its economical crisis this year alone. "We had given Sri Lanka a line of credit, which has kept essential commodities flowing to them for the past several months. We have also provided them a line of credit for the purchase of fuel. This year alone, we have pledged USD 3.8 billion in support to Sri Lanka," stated Jaishankar.

He highlighted that managing finances is a bigger issue and India's focus is on helping Sri Lanka. "There is a bigger issue about how you manage your finances...About how you have a prudent fiscal policy. There are issues pertaining to the management of the economy. Our focus is on helping them," added Jaishankar.

Sri Lanka is under the grip of an unprecedented economic turmoil, the worst in seven decades, crippled by an acute shortage of foreign exchange that has left it struggling to pay for essential imports of fuel, and other essentials.

The protests took a different turn on Saturday after protesters stormed into the residences of embattled President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe.

While protesters have continued to stay inside the president's palace for the second consecutive day, the Prime Minister's private residency was set on fire, last night.

Amid the massive protests, both the President and the Prime Minister have decided to resign.

Meanwhile, India on Sunday said that it stands with the people of Sri Lanka as the island nation is trying to overcome "this difficult phase".

In response to media queries on the situation in Sri Lanka, Arindam Bagchi, the official spokesperson of the Ministry of External Affairs, said, "India is Sri Lanka's closest neighbour and our two countries share deep civilizational bonds. We are aware of the many challenges that Sri Lanka and its people have been facing, and we have stood with the Sri Lankan people as they have tried to overcome this difficult period."

"We continue to follow closely the recent developments in Sri Lanka. India stands with the people of Sri Lanka as they seek to realize their aspirations for prosperity and progress through democratic means and values, established institutions and constitutional framework," Bagchi added.