India gives Sri Lanka $55mn credit score line for fertiliser imports

A police command stands by a ship that carried emergency provides granted as humanitarian help by Indian authorities to Sri Lankan folks at a port in Colombo (AP)

COLOMBO: India has supplied a $55 million line of credit score to crisis-hit Sri Lanka for the import of fertiliser, in a bid to assist the island nation tide over its worst financial hardships, the Indian Excessive Fee mentioned on Friday.
Prime Minister Ranil Wickremesinghe had just lately warned of a meals disaster within the island nation because of the ongoing financial disaster.
Sri Lanka had requested a credit score facility from India for the importation of urea fertiliser of 65,000 metric tonnes (MT) with a view to cater the rapid requirement of through the Yala cultivation season, the Indian mission mentioned in a press release
“In response to the request, the Authorities of India agreed to supply a Greenback Credit score Line amounting to USD 55 million for procurement of Urea Fertiliser from India,” the Indian Excessive Fee mentioned.
Secretary to the Ministry of Finance M Siriwardena signed an settlement with the EXIM Financial institution of India to acquire a Greenback Credit score Line.
The signing of the settlement was overseen by Prime Minister Wickremesinghe, minister of agriculture Mahinda Amaraweera and excessive commissioner of India to Sri Lanka Gopal Baglay.
The Prime Minister beforehand indicated that making certain meals safety for the populace was his precedence because the nation is going through grave shortages of important meals objects.
The most recent credit score facility might assist to make sure the supply of urea for the upcoming Yala season.
Sri Lanka has suffered crop losses by almost 50 per cent because of a call by President Gotabaya Rajapaksa to cease the import of chemical fertiliser.
He later admitted it was a mistaken determination, having steadfastly maintained that the island ought to financial institution on natural slightly than chemical farming.
India had beforehand granted credit score strains for gasoline and important meals and drugs.
Sri Lanka goes by means of the worst financial disaster since its independence from Britain in 1948.
The financial disaster has prompted an acute scarcity of important objects like meals, drugs, cooking fuel and different gasoline, rest room paper and even matches, with Sri Lankans for months being compelled to attend in strains lasting hours exterior shops to purchase gasoline and cooking fuel.


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