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Cabinet approves a USD 55 million loan from India for urea fertilizer.

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The Sri Lankan Cabinet approved borrowing USD 55 million from the Export-Import Bank of India to purchase urea fertilizer for the 2022/23 Maha Cultivation Season.

The Indian government has already agreed to provide the funds, according to a document from the Department of Government Information.

It was also stated that the Prime Minister’s proposal to enter into agreements for this purpose in his capacity as Finance Minister was approved by the Cabinet of Ministers.

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