SL sign US 55 million loan from India to purchase fertilizer for Yala season
Posted on June 10th, 2022

Courtesy Hiru News

Sri Lanka’s Ministry of Finance signed an agreement with the EXIM Bank of India for a USD 55 million credit line to purchase 65,000 tonnes of urea from India, according to the Prime Minister’s office.

The Secretary to the Ministry of Finance M. Siriwardena today (10) signed an agreement with EXIM Bank of India to obtain a dollar loan route.

The agreement was signed in the pressence of Prime Minister Ranil Wickremesinghe and Indian High Commissioner to Sri Lanka Gopal Bagle. Minister of Agriculture Mahinda Amaraweera was also present. 

The Government of Sri Lanka requested a loan from the Government of India to import 65,000 metric tons of urea fertilizer to meet the immediate demand for urea fertilizer during the Yala season.

In response to that request, the Government of India has agreed to provide a $ 55 million loan for the purchase of urea fertilizer from India.

This loan facility will also help ensure the availability of urea for the upcoming Yala season.

The request for the credit facility was sought to purchase fertilizer to meet immediate demands during the yala cultivation season.

Prime Minister Ranil Wickremesinghe has repeatedly mentioned of a looming food crisis in Sri Lanka if preventative measures aren not taken on time.

The PM’s office said the credit facility could ;help to ensure the availability of urea for the upcoming yala season.

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