Support to IMF’s $2.9-bn bailout for Sri Lanka helps India firm up standing in island nation


India’s decision as the first bilateral lender to inform the International Monetary Fund (IMF) about its support for Sri Lanka’s debt restructuring plan to help it secure a $2.9-billion bailout package from the global lending agency has raised Delhi’s political stock significantly in the island.

But it has also put its regional rival China in a spot.

A reflection of the Indian popularity and appreciation of its decision was visible at the function of the Republic Day celebrations at the Indian High Commissioner Gopal Baglay’s official residence in Colombo on Thursday.

More than 1,000 guests attended the reception that included the former president and prime minister of Sri Lanka, Gotabaya Rajapaksa and Mahinda Rajapaksa respectively, plus more than half the cabinet members of the Sri Lankan government and other business and political