President Gotabaya Rajapaksa‘s administration announced on June 2 that India has pledged Sri Lanka of fertilizer supplies to assist the debt-ridden country avoid food shortages due to crop losses & exacerbated by the world’s worst economic crisis.
President Gotabaya Rajapaksa claimed PMNarendra Modi has promised him of fertilizer supplies for the upcoming farming season when discussing with a group of irrigation authorities about the next harvesting season’s requirements.
Sri Lanka to boost its agriculture industry
The goods, which would be transferred there and will be disbursed within 20 days of their arrival in Colombo, he said. Following the reduction in paddy cultivation mostly during Maha session, Sri Lanka is attempting to bolster its agriculture industry to avoid any market disruptions.
Yala is the paddy-growing season in Sri Lanka, which runs from May to August. Chemical fertilizer were outlawed in Sri Lanka last year as a part of the initial transition to organic agriculture. The scarcity of organic fertilizer harmed agricultural output, particularly rice and tea, and resulted in a food shortfall, with crop losses of up to 50%.
Last month, India promised Sri Lanka that it would immediately deliver 65,000 metric tonnes of urea so prevent paddy cultivation from being disrupted. Despite a restriction on urea export from India, the Indian government chose to deliver this quantity of urea to Sri Lanka immediately at the request of the Sri Lankan government, according to a statement released by the Sri Lankan High Commission.
Imports of fertilizer in Sri Lanka
Sri Lanka spends $400 million each year on fertiliser imports. Fertilizer shortages have prompted farmers across the country to protest, claiming that they have been been compelled to abandon their farms.
Sri Lanka has more than two million farmers and up to 70% of its 22 million people are directly or indirectly dependent on agriculture. India has committed more than $3 billion to debt-ridden Sri Lanka in loans, credit lines and credit swaps since January this year to help the neighbouring nation which is grappling with the worst economic crisis since its independence. Sri Lanka’s economic crisis is caused in part by a lack of foreign currency, which has meant that the country cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices. The crisis has provoked widespread protests and led to calls for political reform and the resignation of President Rajapaksa.
With over two million farmers live in Sri Lanka, and agriculture employs up to 70 percent of the country’s 22 million inhabitants. Since January this year, India has provided over $3 billion for debt-ridden Sri Lanka as in form of loans, credit lines, and credit swaps to assist the neighbouring country, which is experiencing perhaps the worst financial recession since independence.
Sri Lanka’s economic crisis is attributed to lack on foreign currency, that has left the government unable to pay for essential food and fuel imports, resulting in severe shortages and exorbitant pricing. The crisis has sparked widespread protests and prompted calls on political reform and President Rajapaksa’s resignation.
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