COLOMBO: Sri Lanka‘s cabinet has approved a $55-million credit line from India‘s Exim Bank for the crisis-stricken Indian Ocean nation to buy fertilisers, a cabinet spokesman said on Tuesday.
The country of 22 million is suffering its worst economic crisis in seven decades, battling a shortage of foreign exchange that has stalled imports of essential items such as fuel, medicine and fertilisers.
Sri Lanka has more than 2 million farmers and up to 70 per cent of its 22 million people are directly or indirectly dependent on agriculture.
Sri Lanka’s cash-strapped government will need at least $5 billion in the next six months to maintain basic standards of living, including some $3.3 billion for fuel imports, the country’s prime minister told parliament on Tuesday.
“Only establishing economic stability not enough, we have to restructure the entire economy,” said Ranil Wickremesinghe, who is working to prepare an interim budget to balance Sri Lanka’s battered public finances.

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