India handed over 21,000 tonnes of urea to crisis-hit Sri Lanka

Tags: International Relations International News

India on 22 August handed over 21,000 tonnes of chemical fertiliser to the crisis-ridden neighbour Sri Lanka.

IMPORTANT FACTS -

• This has been done under a special assistance program that will help farmers in Sri Lanka and help strengthen bilateral cooperation for food security,

• This is India's second such aid to the beleaguered island nation in recent months.

• In May 2022, India had assured to supply 65,000 metric tonnes of urea to Sri Lanka immediately to avoid any disruption in the current Yala farming season in Sri Lanka.

• Yala is the paddy cultivation season in Sri Lanka which lasts between May and August.

Ban of Fertiliser in Sri Lanka : 

• To move towards a green economy, President Gotabaya Rajapaksa last year decided to ban imports of chemical fertilizers, causing a food shortage that has reduced crop yields by 50%.

• This decision of the government badly affected the food production.

• As a result, the President of Sri Lanka declared an economic emergency to curb rising food prices.

India's support to Srilanka :

• India has pledged about $4 billion in loans, lines of credit and credit swaps to the debt-ridden Sri Lanka from January this year.

• Sri Lanka's annual fertilizer imports cost is USD 400 million.

• India has provided financial assistance of about USD 3.5 billion to help safeguard Sri Lanka's food, health and energy security by supplying food, medicines, fuel, kerosene and other essential commodities.

• In addition, India has recently supplied around 40,000 tonnes of rice under the extended USD 1 billion line of credit.