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Reuters
Reuters
Business

Crisis-hit Sri Lanka gets $55-million credit line from India for fertilisers

A farmer works at a paddy field in Dekatana, Sri Lanka October 30, 2021. Picture taken October 30, 2021. REUTERS/Indunil Usgoda Arachchi

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.

(Reporting by Uditha Jayasinghe; Writing by Devjyot Ghoshal; Editing by Clarence Fernandez)

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