The Cabinet of Ministers has given its approval to sign an agreement with the Export-Import (EXIM) Bank of India for a loan of USD 55 million to purchase urea fertilizer for the upcoming Maha Season.

The proposal was tabled by Prime Minister Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilization and National Policies.

The Government of India has agreed to provide a $ 55 million loan through the ExportImport Bank of India for the procurement of Urea for the 2022/23 Maha season, the cabinet spokesman said.

Accordingly, the Cabinet of Ministers approved the proposal presented by the Prime Minister in his capacity as the Minister of Finance, Economic Stabilization and National Policies to sign the agreements above. 

Meanwhile It is expected to cultivate 800,000 hectares of paddy in the 2022/23 Maha season and estimated that 150,000 metric tons of Urea, 45,000 metric tons of Muriate of Potash (MOP) and 36,000 metric tons of Triple Super Phosphate (TSP) are required for paddy cultivation for the 2022/23 Maha season. 

The Cabinet of Ministers have approved the proposal presented by the Minister of Agriculture to import the relevant quantities of fertilizer by Ceylon Fertilizer Company Limited and Colombo Commercial Fertilizer Company Limited and distribute them to the farmers.