Hindi English Translation || Editorial || Friend in need: On India-Sri Lanka ties

Friend in need: On India-Sri Lanka ties

India and Sri Lanka have shown an ability to quickly act on (पर कार्यवाही, के अनुसार कार्य करें) promises (वादा, समझौता, आश्वासन) to each other

External Affairs Minister S. Jaishankar’s virtual meeting (आभासी बैठक) with Sri Lanka’s Finance Minister Basil Rajapaksa on Saturday, with an assurance that India will support Sri Lanka “in all possible ways for overcoming the economic and other challenges (problem, trouble, obstacle) posed (constitute, present, create, cause (a problem or danger or risk)) by COVID-19 pandemic (वैश्विक महामारी)”, was significant and timely (समयोचित, शीघ्र, उपयुक्त). A crucial week lies ahead for the Sri Lankan economy, when President Gotabaya Rajapaksa must make a decision on whether to service debts (ऋण, कर्ज़, वित्तीय दायित्व) to bonds with an instalment of $500 million due (देय, बकाया, अतिदेय) on January 18, or to default (fail to pay, not pay (banks/lenders’ debt on time for various reasons)) for the first time ever, given (दिया गया, विचार करना, ध्यान में रखना) the island’s precarious (अनिश्चित, खतरनाक, असुरक्षित) finances. Mr. Gotabaya is expected to address (talk to, give a discourse to, speak to) Parliament this week on how he will deal with the economic crisis. This includes a credit crunch (संकट, मुश्किल, भारी कमी), a slump (मंदी, गिरावट, कमी) in GDP spurred (प्रेरणा, उत्तेजित करना, प्रोत्साहित करना) by COVID-19 losses to tourism, exports and remittances (money sent home by migrants), foreign reserves that dwindled (decline, diminish, decrease, slide) from $7.5 bn in 2019 to $1.6 bn in November 2021, and pending debt (financial obligation, outstanding payment) repayments of more than $7 bn expected in 2022. The most immediate problems come from rising unrest (disruption, agitation, turmoil, disorder, chaos). In the preceding (previous, prior, earlier) weeks, the Rajapaksa government reached out (contact someone to obtain/offer help/assistance/cooperation) to India and China, which are most likely to help given their respective interests (common concerns (in politics/business)) in the island. Mr. Gotabaya even received a visit from Chinese Foreign Minister Wang Yi, who discussed a full debt restructure (dramatic/radical change, drastic/radical alteration, complete shift, sea change, transformation, conversion) of Sri Lankan borrowings. Beijing has also extended (offer) a currency swap (a currency swap contract (also known as a cross-currency swap contract) is a derivative contract between two parties that involves the exchange of interest payments, as well as the exchange of principal amounts in certain cases, that are denominated in different currencies) arrangement of $1.5 billion. It was to India, however, that Mr. Rajapaksa turned with a humanitarian (compassionate, humane, socially concerned) appeal (a request for donations to support a cause. (a humanitarian appeal is supposed to identify top priorities under time pressure, and ensure that these are met)) and SOS. Mr. Jaishankar, Finance Minister Nirmala Sitharaman and Mr. Basil decided on a “four-pronged (having four aspects/elements; four-pillar)” initiative, that included Lines of Credit (LoC) towards the import of fuel, food and medicines, currency swap and debt deferrals (postponement) from India to Sri Lanka, as well as the conclusion of the Trinco-oil farms project (The Trincomalee (Eastern Sri Lanka) oil storage tank farm, also known as the China Bay Tank Farm, consists of 99 tanks (of approx. 10000 tonnes each) from two tank farms. Upper Tank Farm (UTF) is 84 tanks and Lower Tank Farm (LTF) is 15 tanks. These tanks spread over an area of about 677 acres and were built by the United Kingdom in the 1930/40s for use during World War II. Sri Lanka has inked a deal with the subsidiary of Indian Oil Corporation (IOC) for the long-gestating project (date back to the time of the India-Sri Lanka Accord of 1987) to develop the Trincomalee oil tank farm, a move expected to boost energy security for both countries and set the stage for further economic cooperation).

Matters have moved swiftly since Mr. Basil’s visit and it is heartening (encouraging, promising, hopeful, reassuring) that the Trincomalee project MoU was signed earlier this month after decades (a period of ten years) of delays. Subsequently (afterwards, later on, in due course), India has extended $400 million under the “SAARC currency swap” arrangement and agreed to a partial deferral of a $500 million settlement (payment) from Sri Lanka by two months; the $1.5 bn LoC for essential imports is reportedly (supposedly, seemingly, apparently, professedly, ostensibly, purportedly) under way (in progress, happening, occurring, taking place). It would be naive (innocent, inexperienced, immature; easily taken in, easily deceived, unsuspecting, over-trusting, over-trustful) to assume that New Delhi’s assistance will paper over (camouflage, conceal, hide, cover up (difficult problem instead of solving it)) other problems in the complex relations between India and Sri Lanka. Amongst other issues, the friction over fishermen’s rights and pending political solution for war-torn ((of a place) devastated, ruined, wrecked (by war)) Tamil areas remain sticking points (obstacle, bone of contention; a problem or issue that makes you can’t move beyond and it stops all progress and you are stuck), while concerns over Colombo’s strategic (relating to achieving long-term or overall goals) ties (संबंधों, योजक रेखा) with China have often led to open disagreements. It is important to note, however, that in times of peril (danger, jeopardy, risk, difficulty), New Delhi and Colombo have established a robust (strong, powerful) channel (means, medium, method) of communication and demonstrated an ability to act on promises quickly, proving that adage about friends (and neighbours) in need (जरूरत में, मदद की आवश्यकता).

Courtesy: The Hindu

Important Word List With Meaning

1.in need (phrase)

Hindi Meaning - जरूरत में, मदद की आवश्यकता
English Meaning - requiring help; (in difficulty, in trouble).

2.ties (noun)

Hindi Meaning - संबंधों, योजक रेखा
English Meaning - bond, connection, association, relationship.

3.act on (phrasal verb)

Hindi Meaning - पर कार्यवाही, के अनुसार कार्य करें
English Meaning - act in accordance with, take action according to, comply with, adhere to, abide by, conform to, fulfil.

4.promise (noun)

Hindi Meaning - वादा, समझौता, आश्वासन
English Meaning - agreement, assurance, commitment, guarantee.

5.virtual meeting (noun)

Hindi Meaning - आभासी बैठक
English Meaning - (interactive) online meeting.

6.pandemic (noun)

Hindi Meaning - वैश्विक महामारी
English Meaning - the worldwide spread of a new disease; The illness spreads around the world and typically affects a large number of people across a wide area.

7.timely (adjective)

Hindi Meaning - समयोचित, शीघ्र, उपयुक्त
English Meaning - prompt, appropriate, opportune, well timed, at the right time.

8.debt (noun)

Hindi Meaning - ऋण, कर्ज़, वित्तीय दायित्व
English Meaning - financial obligation, outstanding payment, amount due, money owing, dues, arrears, debits, charges.

9.due (adjective)

Hindi Meaning - देय, बकाया, अतिदेय
English Meaning - owing, payable, payable/receivable immediately; outstanding, overdue.

10.given (preposition)

Hindi Meaning - दिया गया, विचार करना, ध्यान में रखना
English Meaning - considering, taking into account, bearing in mind.

11.precarious (adjective)

Hindi Meaning - अनिश्चित, खतरनाक, असुरक्षित
English Meaning - risky, dangerous, unsafe; hazardous, perilous, unreliable.

12.crunch (noun)

Hindi Meaning - संकट, मुश्किल, भारी कमी
English Meaning - severe shortage.

13.slump (noun)

Hindi Meaning - मंदी, गिरावट, कमी
English Meaning - downturn, slide, decline, decrease, collapse, steep fall.

14.Gross domestic product (GDP) (noun)

Hindi Meaning - सकल घरेलू उत्पाद
English Meaning - a measure of economic activity in a country. It is the total value of a country’s annual output of goods and services.

15.spur (verb)

Hindi Meaning - प्रेरणा, उत्तेजित करना, प्रोत्साहित करना
English Meaning - stimulate, encourage, prompt, galvanize.

16.lie ahead (phrasal verb)

English Meaning - be going to happen.

17.challenge (noun)

English Meaning - problem, trouble, obstacle.

18.pose (verb)

English Meaning - constitute, present, create, cause (a problem or danger or risk).

19.a friend in need is a friend indeed (phrase)

English Meaning - a friend who helps in difficulty is a true friend.

20.service a debt (phrase)

English Meaning - to pay the interest on a debt.

21.bond (noun)

English Meaning - a bond is a debt security, similar to an IOU (I owe you). Borrowers issue bonds to raise money from investors willing to lend them money for a certain amount of time.

22.default (verb)

English Meaning - fail to pay, not pay (banks/lenders’ debt on time for various reasons).

23.address (verb)

English Meaning - talk to, give a discourse to, speak to.

24.credit crunch (noun)

English Meaning - economic decline, downturn, slump, recession, slowdown, depression.

25.remittance (noun)

English Meaning - money sent home by migrants.

26.foreign reserve or forex (noun)

English Meaning - Foreign exchange. Forex reserves are the amounts of assets /money in foreign currencies that a country has in its central bank (in India, it is Reserve bank of India).

27.dwindle (verb)

English Meaning - decline, diminish, decrease, slide.

28.debt (noun)

English Meaning - financial obligation, outstanding payment.

29.unrest (noun)

English Meaning - disruption, agitation, turmoil, disorder, chaos.

30.preceding (adjective)

English Meaning - previous, prior, earlier.

31.reach out (phrasal verb)

English Meaning - contact someone to obtain/offer help/assistance/cooperation.

32.likely (adjective)

English Meaning - probable, possible.

33.interest (noun)

English Meaning - common concerns (in politics/business).

34.restructure (noun)

English Meaning - dramatic/radical change, drastic/radical alteration, complete shift, sea change, transformation, conversion.

35.extend (verb)

English Meaning - offer.

36.currency swap (noun)

English Meaning - a currency swap contract (also known as a cross-currency swap contract) is a derivative contract between two parties that involves the exchange of interest payments, as well as the exchange of principal amounts in certain cases, that are denominated in different currencies.

37.humanitarian (adjective)

English Meaning - compassionate, humane, socially concerned.

38.appeal (noun)

English Meaning - a request for donations to support a cause. (a humanitarian appeal is supposed to identify top priorities under time pressure, and ensure that these are met).

39.SOS (noun)

English Meaning - an urgent appeal for help/aid/assistance.

40.decide on (phrasal verb)

English Meaning - choose, opt for, select, go for, settle on.

41.four-pronged (adjective)

English Meaning - having four aspects/elements; four-pillar.

42.credit line (noun)

English Meaning - another term for line of credit (LoC); a source of funds that can readily be tapped/borrowed at the borrower’s discretion (choice).

43.deferral (noun)

English Meaning - postponement.

44.Trinco-oil farm project (noun)

English Meaning - The Trincomalee (Eastern Sri Lanka) oil storage tank farm, also known as the China Bay Tank Farm, consists of 99 tanks (of approx. 10000 tonnes each) from two tank farms. Upper Tank Farm (UTF) is 84 tanks and Lower Tank Farm (LTF) is 15 tanks. These tanks spread over an area of about 677 acres and were built by the United Kingdom in the 1930/40s for use during World War II. Sri Lanka has inked a deal with the subsidiary of Indian Oil Corporation (IOC) for the long-gestating project (date back to the time of the India-Sri Lanka Accord of 1987) to develop the Trincomalee oil tank farm, a move expected to boost energy security for both countries and set the stage for further economic cooperation.

45.swiftly (adverb)

English Meaning - rapidly, quickly, fast, promptly, immediately, instantly.

46.heartening (adjective)

English Meaning - encouraging, promising, hopeful, reassuring.

47.memorandum of understanding (MoU) (noun)

English Meaning - a formal (written) agreement between two (bilateral) or more (multilateral) parties outlined in a formal document.

48.decade (noun)

English Meaning - a period of ten years.

49.subsequently (adverb)

English Meaning - afterwards, later on, in due course.

50.South Asian Association for Regional Cooperation (SAARC) (noun)

English Meaning - Established in 1985, it is the regional intergovernmental organization and geopolitical union of states in South Asia. Its member states are Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka.

51.settlement (noun)

English Meaning - payment.

52.reportedly (adverb)

English Meaning - supposedly, seemingly, apparently, professedly, ostensibly, purportedly.

53.under way (phrase)

English Meaning - in progress, happening, occurring, taking place.

54.naive (adjective)

English Meaning - innocent, inexperienced, immature; easily taken in, easily deceived, unsuspecting, over-trusting, over-trustful.

55.paper over (phrasal verb)

English Meaning - camouflage, conceal, hide, cover up (difficult problem instead of solving it).

56.friction (noun)

English Meaning - disagreement, disunity, conflict, dispute, argument.