Indian envoy lauds LIOC’s contribution to Sri Lanka’s economy

The Indian High Commissioner to Sri Lanka, Santosh Jha, attended an event of Indian Oil’s subsidiary in Sri Lanka, Lanka IOC (Indian Oil Corporation), on Saturday to extend the ‘Group term assurance plan’ through LIC Lanka.

He lauded LIOC’s contribution to the economy and its service to society through various CSR activities.

“High Commissioner @santjha attended the LIOC event to extend the ‘Group term assurance plan’ through LIC Lanka to its 1500 customer attendants across the island,” the High Commission of India in Colombo wrote on X.

Lanka IOC is the only private oil company that operates retail petrol and diesel stations in Sri Lanka.

On December 22, 2023, the Indian envoy to Sri Lanka, Santosh Jha, presented credentials to Sri Lankan President Ranil Wickremesinghe. He assumed the charge of the Indian High Commissioner to Sri Lanka on December 22.

Earlier in September, Santosh Jha was appointed as India’s next High Commissioner to Sri Lanka.

The economic crisis in Sri Lanka has adverseky affected food security, agriculture, livelihoods, and access to health services.

Ahead of Sri Lanka’s presidential and parliamentary elections scheduled this year, Eastern Province Governor Senthil Thondaman affirmed support for sitting premier Ranil Wickremesinghe and backed him to be re-elected, saying that he stabilised the country and lifted the economy from dire straits.

On the ongoing negotiations with the International Monetary Fund (IMF) for securing the third tranche of loans for the economic bailout and recovery, the Lankan leader said the President was working with the world body to obtain the necessary funding and support and the country was well and truly on the road to recovery.

Sri Lanka has been reeling under a severe economic crisis in the recent past, with COVID-induced lockdowns wrecking the country’s economic backbone–tourism.

Mounting bad loans also added to nation’s woes, putting the economy under severe stress and on the verge of bankruptcy.

In addition, a foreign exchange crisis, heavy Chinese debts, and a failed move to shift the country’s agriculture to 100 per cent organic had intensified the country’s troubles.

However, at a time when the country, also known as the Emerald Isle, was staring at an economic abyss, with riots breaking out and the previous Rajapaksa government collapsing in the face of mounting public anger, India came out in its support and extended a helping hand to its southern neighbour.

New Delhi not only opened a line of credit for the embattled nation but also extended timely assistance on various fronts to help the island nation recover from the crippling economic crisis.

Source: ANI