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Sri Lanka's sovereign debt default in April 2022 triggered a paralyzing economic crisis. Steep inflation and widespread financial uncertainty hampered any efforts at recovery. The economy is now showing signs of stabilization. Internally focused government policies, foreign investment, aid from development partners like India and the U.S., and the IMF’s recovery program have set Sri Lanka on the path to recovery and, hopefully, eventual economic success.
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The new Sri Lankan government led by President Anura Kumar Dissanayake held its first meeting with the International Monetary Fund on October 3, to discuss further debt relief. Dissanayake, who overcame voter apprehension in the country’s presidential elections held two weeks ago, now has a historic opportunity to bring Sri Lanka out of the crisis and enable a compassionate and efficient transformation.
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Bangladesh’s economy has been in distress for some time and is not doing as well as assumed. This could have been one of the factors that drove the protests and the subsequent coup.
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China and India both give great importance to their neighbours – the former through its Friendly Neighbourhood policy, the latter through Neighbourhood First. Although China has been increasing its influence in the region, narratives that say that India is losing out to China lack in-depth analysis. To deduce the future trajectory of China in South Asia, it is important to study both China’s and India’s relations with each of these countries, as also with each other.
Courtesy: The Indian Express
Over three years of civil war in Myanmar, and there is no end in sight. The country’s stakeholders are unable to de-escalate the conflict or reliably distribute aid to those affected. Friends, including India, must step in — not only to stop the fighting and alleviate the suffering, but to help facilitate a return to normalcy.
Courtesy: Global Times
China’s world vision has entered its next phase. After the Belt and Road Initiative (BRI), come the Global Initiative on Data Security (GIDS) so Chinese tech standards can lead, Global Development Initiative (GDI) so China leads the development dialogue, and Global Security Initiative (GSI), so China’s security is ‘indivisible’ from other countries – all in time for China’s 2049 goal of becoming a global power.
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Despite the current tense global atmosphere, India and its foreign policy have remained true to its core of peace and security for all and equity and justice for the developing world. Throughout history, dialogue and diplomacy has been supported as a solution to dispute. Now, as G20 President, New Delhi can sow these seeds of peace in an increasingly multipolar world.
Courtesy: Valdai Discussion Club
The reference to India by Russian President Vladimir Putin at the Valdai Discussion Club may be interpreted as encouragement to New Delhi to use its good offices to nudge the warring sides to the negotiating table. Mediation is a big power game, and this may be the right time for India, at the cusp of the G20 Presidency, to start with a record of success
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Indonesia has managed its G20 Presidency year by understanding the importance of not going it alone. This trading nation has used its deep regional and multilateral cooperative processes which provided trusted back-up and support at every step, and was book-ended by strong linkages and investment partnerships with Japan and Australia. In this, it has laid the groundwork for India’s 2023 presidency.
Courtesy: Narendra Modi/Facebook
India will be president of the G20 in 2023. The world’s most influential economic governance body is facing an existential crisis, where the major powers have fallen out. With geopolitical currents redefining geo-economics, India needs to be ready to emerge as the chief global diplomat.