COLOMBO: Sri Lanka has sought a $55 million mortgage from India for the procurement of urea amidst its worst financial disaster threatening a extreme meals scarcity, an official mentioned on Tuesday.
Prime Minister Ranil Wickremesinghe had just lately warned of a meals disaster within the island nation because of the ongoing financial disaster.
The Cupboard has accredited a proposal by the Prime Minister to signal an settlement with India to buy urea for agriculture, an official mentioned.
The federal government mentioned that the Indian authorities has agreed to offer the $55 million mortgage by means of the Export-Import Financial institution of India.
The mortgage is being obtained for the procurement of urea for the 2022/23 ‘Maha' harvest season.
Wickremesinghe has mentioned that inside 5 to 6 months, the present agriculture shortages might be salvaged if swift motion was taken to deal with the shortages confronted by the farmers.
The nation is dealing with a close to 50 per cent crop loss as a result of a call of President Gotabaya Rajapaksa final 12 months to ban chemical fertiliser imports.
The choice led to widespread farmer protests which the federal government ignored, saying it was the coverage to show to inexperienced agriculture with natural fertiliser.
Sri Lanka goes by means of the worst financial disaster since its independence from Britain in 1945.
The financial disaster has prompted an acute scarcity of important gadgets like meals, drugs, cooking gasoline and different gasoline, bathroom paper and even matches, with Sri Lankans for months being compelled to attend in traces lasting hours exterior shops to purchase gasoline and cooking gasoline.
Prime Minister Ranil Wickremesinghe had just lately warned of a meals disaster within the island nation because of the ongoing financial disaster.
The Cupboard has accredited a proposal by the Prime Minister to signal an settlement with India to buy urea for agriculture, an official mentioned.
The federal government mentioned that the Indian authorities has agreed to offer the $55 million mortgage by means of the Export-Import Financial institution of India.
The mortgage is being obtained for the procurement of urea for the 2022/23 ‘Maha' harvest season.
Wickremesinghe has mentioned that inside 5 to 6 months, the present agriculture shortages might be salvaged if swift motion was taken to deal with the shortages confronted by the farmers.
The nation is dealing with a close to 50 per cent crop loss as a result of a call of President Gotabaya Rajapaksa final 12 months to ban chemical fertiliser imports.
The choice led to widespread farmer protests which the federal government ignored, saying it was the coverage to show to inexperienced agriculture with natural fertiliser.
Sri Lanka goes by means of the worst financial disaster since its independence from Britain in 1945.
The financial disaster has prompted an acute scarcity of important gadgets like meals, drugs, cooking gasoline and different gasoline, bathroom paper and even matches, with Sri Lankans for months being compelled to attend in traces lasting hours exterior shops to purchase gasoline and cooking gasoline.
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