'Sri Lanka's problems are too big for India to handle by itself... China is not foolish'

By Team Newsable | First Published Jul 17, 2022, 6:58 PM IST

"Whatever happens there (Sri Lanka) will impact us. More than anyone else, we want stability there. The Indian government has said that we stand with the people of Sri Lanka and not any particular political party or leader. India has to take that position because if we are seen as being pro-active in deciding who should rule, then it will backfire on us," Ambassador Venu Rajamony told Asianet News Network in yet another edition of 'Samvad'.

Political instability in Sri Lanka has huge consequences about which India should worry about, but at the same time, the latter needs to be very cautious about our approach to dealing with the situation in the island nation, Venu Rajamony, the former Indian ambassador to the Netherlands and current Officer on Special Duty with the Kerala Government for External Cooperation, told Asianet News Network during the special edition of 'Samvad'.

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"We must try and hope that there will be stability soon. The Indian government has said that we stand with the people of Sri Lanka, not any particular political party or leader. India has to take that position because if we are seen as being proactive in deciding who should rule, then it will backfire on us. Then if someone else comes to power, everybody will say he is India's candidate. Or if India's candidate does not come to power, whoever comes will say India tried to put someone else, and now we will not be friends with India. So we have too much at stake that we need to be very cautious, careful and restrained. So that is why we are saying that solutions need to come from within (Sri Lanka)," Ambassador Rajamony said while speaking to Asianet News Network.

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Commenting on the prevailing situation in Sri Lanka, the South Asian expert said: "Huge challenges await Sri Lanka. First and foremost, they need to establish a government. Right now, there is a vacuum. They need political stability. Whoever is elected as the next President will not just have to manage the financial crisis but also prepare for a general election in the next six to eight months when the people will elect a new President and Prime Minister. Only that will bring legitimacy."

'Rajapaksa's unpopularity is backfiring'

"The public protests were spontaneous, targetting the entire political establishment. It reflected a loss of confidence in all political parties and leaders. We will have to wait and watch how the political situation will evolve in Sri Lanka," he said.

"Rajapaksa's unpopularity is backfiring. You cannot have an authoritarian rule in a democracy. You cannot impose dynastic politics. You cannot have governments that do not listen to the people and take decisions without adequate discussions. These are reasons for Rajapaksa's downfall," he added.

Ambassador Rajamony said that whoever comes to power eventually will have to pick up the negotiations with the International Monetary Fund and try to reach an agreement. The IMF and the international community will have to come and bail out Sri Lanka.

Talking about assistance offered by India thus far, Ambassador Rajamony said: "Whatever happens there (Sri Lanka) will impact us. More than anyone else, we want stability there. They are people who are bound to us by close historical, cultural, social and civilization ties. So India has given whatever immediate assistance that it can, but the problems are too big for India to handle by itself, and China has so far shown no enthusiasm to come forward independently."

'China contributed to the crisis... But they are not foolish'

When asked about how China had been facing criticism over how it had ignored Sri Lanka, the expert said: "What China has said is that we will come with the rest of the international community and the IMF. As far as China is concerned, Rajapaksa provided them with an entry into Sri Lanka. As a result, they have invested money. These problems have grown over several decades, over multiple governments."

"Figures that have been released show that Sri Lanka's debt to China is just 10 per cent while the money owed to Japan and the Asian Development Bank is much higher than the debt owed to China. China contributed to the crisis by giving loans for projects... In India, there is a tendency to see China in negative terms and be very fearful of China. We cannot stop Sri Lanka from taking a loan from China. But good relations with Sri Lanka is what will ensure that it does not go too much into China's fold," he said.

"The China factor is not that big. China has made it clear that it will not get over-involved. They are going to come in only with the IMF. They are not foolish. Today if you go and pump money into Sri Lanka, there is no guarantee it will come back. China cannot bring about political stability. Their friends (Rajapaksas) have fled. They do not know who will come and what his policies will be. So they have stepped back to let the politics settle down," he added.

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