The Cabinet has given its approval to sign an agreement with the Export-Import (EXIM) Bank of India for a $55 million loan to purchase urea for the next Maha season, the Cabinet Spokesperson has said , Media Minister Bandula Gunawardane.
Minister Gunawardane told the weekly cabinet press briefing at the Department of Government Information yesterday that the Indian government had agreed to provide a loan of US$55 million through the Import Bank. export from India for the purchase of urea for the Maha 2022/23 season. .
Accordingly, the Council of Ministers approved the proposal of the Prime Minister in his capacity as Minister of Finance, Economic Stabilization and National Policies to sign the relevant agreement.
The minister also said that it was planned to cultivate 800,000 hectares of paddy during 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 needed for paddy cultivation for the 2022/23 Maha campaign.
Accordingly, the Cabinet also approved the proposal of the Minister of Agriculture to import the necessary quantities of fertilizers from Ceylon Fertilizer Company Limited and Colombo Commercial Fertilizer Company Limited and distribute them to farmers.