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Indian High Commissioner to Sri Lanka, Santosh Jha, Commends Lanka IOC’s Economic Contribution and Extends Insurance Plan

The Indian High Commissioner to Sri Lanka, Santosh Jha, participated in an event hosted by Lanka IOC (Indian Oil Corporation), a subsidiary of Indian Oil, on Saturday. The purpose of the event was to extend the ‘Group Term Assurance Plan’ through LIC Lanka.

Jha praised Lanka IOC for its significant contribution to the economy and acknowledged its service to society through various Corporate Social Responsibility (CSR) activities. The High Commission of India in Colombo shared details of the event, stating, “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.”

Lanka IOC stands out as the sole private oil company operating retail petrol and diesel stations in Sri Lanka.

On December 22, 2023, Santosh Jha, the Indian envoy to Sri Lanka, presented credentials to Sri Lankan President Ranil Wickremesinghe, officially assuming the role of Indian High Commissioner to Sri Lanka. Jha had been appointed as India’s High Commissioner to Sri Lanka in September of the same year.

Amidst Sri Lanka’s ongoing economic challenges, which have adversely affected food security, agriculture, livelihoods, and access to health services, the country has been navigating negotiations with the International Monetary Fund (IMF) to secure the third tranche of loans for economic bailout and recovery.

Despite the economic turmoil, Sri Lanka is gearing up for presidential and parliamentary elections this year. Eastern Province Governor Senthil Thondaman expressed support for Prime Minister Ranil Wickremesinghe, endorsing him for re-election, citing his efforts to stabilize the country and improve the economy.

Sri Lanka has faced severe economic crises exacerbated by factors such as COVID-induced lockdowns, mounting bad loans, foreign exchange issues, heavy Chinese debts, and challenges in transitioning the agriculture sector to 100 percent organic.

In the face of these challenges, India has played a supportive role, extending a line of credit and providing timely assistance to help Sri Lanka recover from its economic struggles. Source: ANI

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