The Cabinet 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 for the upcoming Maha Season, Cabinet Spokesman Mass Media Minister Bandula Gunawardane said.
Minister Gunawardane said at the weekly cabinet media briefing yesterday at the Government Information Department that the Government of India has agreed to provide a 55 million US dollars loan through the Export-Import Bank of India for the procurement of Urea for the 2022/23 Maha season.
Accordingly, the Cabinet approved the proposal by the Prime Minister in his capacity as the Finance Minister, Economic Stabilization and National Policies to sign the relevant agreement.
The Minister also said that it was expected to cultivate 800,000 hectares of paddy in the 2022/23 Maha season and estimated that 150,000 metric tonnes of Urea, 45,000 metric tonnes of Muriate of Potash (MOP) and 36,000 metric tonnes of Triple Super Phosphate (TSP) are required for the paddy cultivation for the 2022/23 Maha season.
Accordingly, the Cabinet has also approved the proposal by the Agriculture Minister to import the relevant quantities of fertilizer by Ceylon Fertilizer Company Limited and Colombo Commercial Fertilizer Company Limited and distribute them to farmers.
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