Cabinet approval has been granted to obtain a US $ 55 million loan from India to import urea fertilizer required for the Maha season.
The Government of India has agreed to provide the loan through the Export-Import Bank of India and the Prime Minister Ranil Wickremesinghe is scheduled to sign the agreements.
Meanwhile, Cabinet approval has been granted to procure chemical and organic fertilizers required for paddy cultivation for the 2022-2023 Maha season.
It is expected to cultivate 800,000 hectares of paddy during the Maha season and the objective is to provide the required fertilizer.
It will require 150,000 metric tons of urea, 45,000 metric tons of murate of potash and 36,000 metric tons of triple superphosphate for the high season.
Cabinet approval has been granted to import the relevant quantity of fertilizer by Ceylon Fertilizer Company Limited and Colombo Commercial Pura Company Limited and distribute it to the farmers.
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