India provides Sri Lanka USD 55 mn credit line for fertiliser imports

Colombo : India has provided a USD 55 million Line of Credit to crisis-hit Sri Lanka for the import of fertiliser, in a bid to help the island nation tide over its worst economic hardships, the Indian High Commission said on Friday.
Prime Minister Ranil Wickremesinghe had recently warned of a food crisis in the island nation due to the ongoing economic crisis.
Sri Lanka had requested a credit facility from India for the importation of urea fertiliser of 65,000 metric tonnes (MT) in order to cater the immediate requirement of during the Yala cultivation season, the Indian mission said in a statement In response to the request, the Government of India agreed to offer a Dollar Credit Line amounting to USD 55 million for procurement of Urea Fertiliser from India, the Indian High Commission said.
Also Read Sri Lanka’s fuel supplies in crisis with last shipments under Indian credit line to arrive this month Secretary to the Ministry of Finance M Siriwardena signed an agreement with the EXIM Bank of India to obtain a Dollar Credit Line.
The signing of the agreement was overseen by Prime Minister Wickremesinghe, Minister of Agriculture Mahinda Amaraweera and High Commissioner of India to Sri Lanka Gopal Baglay.