30 C
Colombo

Sri Lanka has agreed to a US$55 million loan with Indian Exim Bank for the purchase of urea.

Published:

M. Siriwardena, Secretary to the Ministry of Finance, signed an agreement with the EXIM Bank of India to obtain a Dollar Credit Line today (10).

The government requested a credit facility from the government of India for the importation of 65,000 MT of urea fertilizer to meet the immediate demand for urea fertilizer during the Yala cultivation season.

In response to the request, the Government of India agreed to provide a USD 55 million credit line for the purchase of urea fertilizer from India.

The agreement was signed in the presence of Prime Minister Ranil Wickremesinghe, Minister of Agriculture Mahinda Amaraweera, and India’s High Commissioner to Sri Lanka, Gopal Baglay.

As the country faces severe shortages of essential food items, the Prime Minister has previously stated that ensuring food security for the populace is his top priority.

According to the Prime Minister’s Media Division, this credit facility could help ensure the availability of Urea for the upcoming Yala season.

Related articles

Recent articles