sri lanka: Crisis-hit Sri Lanka gets $55-million credit line from India for fertilisers

COLOMBO: Sri LankaThe cabinet approved the figure of 55 million dollars credit line from india‘S Exim Bank for people in crisis Indian Ocean country to buy fertilizer, a cabinet spokesman said on Tuesday.
The country of 22 million people is suffering its worst economic crisis in seven decades, battling a shortage of foreign exchange that has forced imports of essential goods such as fuel, medicine and fertilizer. stagnant.
Sri Lanka has more than 2 million farmers and up to 70% of its total population of 22 million is directly or indirectly dependent on agriculture.
The country’s prime minister told parliament on Tuesday that Sri Lanka’s cash-strapped government would need at least $5 billion over the next six months to maintain basic standards of living, including about $3.3 billion for fuel imports.
“It is not enough just to establish economic stability, we have to rebuild,” said Ranil Wickremesinghe, who is working to prepare an interim budget to balance Sri Lanka’s struggling public finances. structure of the entire economy.

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