India to loan USD 55M for fertilizer importation

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The Government of Sri Lanka today (10) signed an agreement to obtain a Dollar Credit Line from the Export-Import (EXIM) Bank of India.

Accordingly, Sri Lanka will be offered a credit line of USD 55 million for the procurement of urea fertilizer for the upcoming Yala season from India.

The agreement was signed by Secretary to the Ministry of Finance, M.Siriwardena, in the presence of Prime Minister Ranil Wickremesinghe, Minister of Agriculture Mahinda Amaraweera and High Commissioner of India to Sri Lanka, Gopal Baglay.

The Government requested a credit facility from the Government of India for the importation of Urea Fertilizer of 65,000 MT in order to cater the immediate requirement of Urea fertilizer demand during the Yala cultivation season.

Premier Wickremesinghe has previously indicated that ensuring food security for the populace was his priority as the country is facing grave shortages of essential food items.