India has supplied a USD 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 stated on Friday.

Prime Minister Ranil Wickremesinghe had lately warned of a meals disaster within the island nation as a result of 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) in an effort to cater the quick requirement of throughout the Yala cultivation season, the Indian mission stated in an announcement

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 stated.

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 guaranteeing meals safety for the populace was his precedence because the nation is dealing with grave shortages of important meals objects.

The most recent credit score facility might assist to make sure the provision of urea for the upcoming Yala season.

Sri Lanka has suffered crop losses by practically 50 per cent on account of a call by President Gotabaya Rajapaksa to cease the import of chemical fertiliser.

He later admitted it was a improper resolution, having steadfastly maintained that the island ought to financial institution on natural reasonably than chemical farming.

India had beforehand granted credit score strains for gas and important meals and medication.

Sri Lanka goes by the worst financial disaster since its independence from Britain in 1948.

The financial disaster has prompted an acute scarcity of important objects like meals, medication, cooking gasoline and different gas, rest room paper and even matches, with Sri Lankans for months being compelled to attend in strains lasting hours exterior shops to purchase gas and cooking gasoline.
 

Leave a Reply

Your email address will not be published.

You May Also Like

JSPL inventory hits 52-week excessive in unstable market; this is why

Shares of Jindal Metal and Energy Ltd (JSPL) hit a recent 52-week…

‘Tomorrow shall be higher’: Shanghai strikes nearer to COVID re-opening

The Chinese language metropolis of Shanghai inched additional in direction of a…

Rupee recovers from document low; closes at 77.51 aganst US greenback

The rupee on Wednesday recovered from its document low to shut 20…

GAIL India to pump in Rs 6,000 cr on renewables in subsequent 3 yrs

State-owned Gail India will make investments Rs 6,000 crore within the subsequent…