Sri Lanka seeks $55 million loan from India for buying fertiliser

COLOMBO: Sri Lanka An official said on Tuesday it was seeking a $55 million loan from India to buy urea amid the worst economic crisis that threatens to lead to severe food shortages.
Prime minister Ranil Wickremesinghe recently warned of a food crisis in the island nation due to the ongoing economic crisis.
The Room An official said he had approved the Prime Minister’s proposal to sign an agreement with India to purchase urea for agriculture.
The government says the government of India has agreed to provide a loan of 55 million dollars through Export-Import Bank of India.
Loans are being collected to purchase urea for the 2022/23 ‘Maha’ harvest.
Wickremesinghe has said that within five to six months the current agricultural shortage could be averted if swift action is taken to address the shortages faced by farmers.
The country is facing a crop failure of nearly 50% due to the President’s decision Gotabaya Rajapaksa Last year banned the import of chemical fertilizers.
The decision led to widespread protests by farmers, which the government ignored, saying it was a policy to switch to green agriculture with organic fertilizers.
Sri Lanka is experiencing its worst economic crisis since independence from England in 1945.
The economic crisis has resulted in severe shortages of essential commodities such as food, medicine, gas and other fuels, toilet paper and even matches, which plagued Sri Lankans for months. forced to queue for hours outside stores to buy fuel and cooking gas.

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