DNA Special: Refugee situation arising for India amid Sri Lanka economic crisis

The growing political and economic instability in India's neighbouring countries has raised its concerns. A family government has now arrived in Pakistan and there is an increased risk of ISIS. China is expanding its nuclear power due to the growing instability in the Asia region. In Nepal also, the import of essential commodities has been banned due to the decline in foreign exchange reserves. And we all know the situation in Sri Lanka.

But now Sri Lanka's economic crisis has further added to India's concern. The people of Sri Lanka now want to take refuge in India to save their lives and in the last two weeks, many of its citizens have come to the state of Tamil Nadu in India by sea.

If the situation in Sri Lanka does not improve soon, the exodus will take a very serious turn and it is possible that the situation will become exactly the same as it was during the civil war in Sri Lanka. Between 1983 and 2009, there was a battle between the Liberation Tigers of Tamil Eelam (LTTE) and the Sri Lankan Army in the island nation. At that time, between 1990 and 2009, 1.6 million Sri Lankan nationals had taken refuge in India due to which the atmosphere of instability and violence in the cities of South India had increased.

In Jaffna in Sri Lanka, fishermen want to come to India by sea. However, the Sri Lankan army is doing its best to stop these people.

Sri Lanka currently owes about $5,100 million to other countries. And its foreign exchange reserves are almost exhausted. Far from repaying the debts of other countries, Sri Lanka does not have the money left to feed the people of their country.

Due to the absence of foreign exchange, its import of fuel to food and drink is being badly affected. In this mess, Sri Lanka is now having to spread its hands in front of the IMF and other countries to feed its people.

Sri Lanka is expecting a bailout package from the International Monetary Fund but the IMF has not provided any additional help to it. The economic emergency that exists in Sri Lanka right now is a lesson for any debt-ridden country or institution that the economy can be pulled up for some time by the help of debt, but no country can progress on the basis of it alone. 

There should also be a limit to the loan. Sri Lanka ignored that boundary and today the results are in front of the whole world. The Sri Lankan government is now eyeing a meeting with the IMF in New York. For this, on April 18, a team will go to New York with the Sri Lankan Finance Minister.