February 19, Colombo (LNW): Assistant Secretary of State for South and Central Asian Affairs, Donald Lu, delivered a comprehensive analysis of Sri Lanka’s notable resurgence during a recent address, highlighting the nation’s remarkable transition from a period of crisis to stability, facilitated by collaborative efforts on the international stage.
Reflecting on Sri Lanka’s trajectory, Lu articulated the substantial progress witnessed over the past eighteen months, contrasting the previous climate of unrest, shortages, and political instability with the current landscape characterised by a stable economy, consistent food and fuel prices, and successful debt restructuring initiatives.
Emphasising the pivotal role of international cooperation in Sri Lanka’s revitalisation, Lu acknowledged the pivotal contributions made by key partners.
Notably, he commended India for its initial humanitarian aid and USAID’s critical agricultural support.
Additionally, Lu underscored the significance of debt restructuring efforts spearheaded by Japan, France, and India, which exerted pressure on other stakeholders, including China, ultimately facilitating access to IMF funding and fostering economic stability.
Furthermore, Lu elucidated on non-traditional avenues of support, citing the US Development Finance Corporation’s substantial investment of $553 million in the Colombo Port West Container Terminal.
This private sector initiative, he noted, not only directly benefits the Sri Lankan populace but also catalyses sustainable economic development.
Addressing broader strategic imperatives, Lu emphasised the importance of safeguarding Sri Lanka’s sovereignty, highlighting US assistance in the form of patrol boats for the Sri Lankan military and the forthcoming delivery of a King Air aircraft to bolster coastal surveillance capabilities.
In conclusion, Lu reiterated Sri Lanka’s remarkable turnaround as a testament to the collective efforts of the international community.
He underscored the Indo-Pacific strategy’s ethos of partnership and collaboration, emphasising its role in offering a more promising future for nations in the region.
