ECONOMYNEXT – Sri Lanka’s Ministry of Finance on Friday (10) signed an agreement with the EXIM Bank of India for a 55 million US dollar credit line to procure 65,000 tonnes of urea from India, the Prime Minister’s office said.

The request for the credit facility was sought to purchase fertilizer to meet immediate demands during the yala cultivation season.

Prime Minister Ranil Wickremesinghe has repeatedly warned of a looming food crisis in Sri Lanka if preventative measures aren’t taken on time.

The PM’s office said the credit facility could “help to ensure the availability of urea for the upcoming yala season.” (Colombo/Jun10/2022)