Govt settles outstanding loans of Rs. 29,000 Mn owing to fertiliser companies

Agriculture and Plantation Industries Minister Mahinda Amaraweera said that the government has now paid the outstanding loans of Rs. 29,000 million to private fertiliser companies for purchase of fertilisers for many previous years.

The Minister said this while addressing a discussion held at the Agriculture and Plantation Industries Ministry on Monday (22) regarding the progress of the Youth Agri Entrepreneurship Village programme.

Efforts have been made to develop 160 villages in the island as youth agri-entrepreneurship villages in order to increase food production, raise the income level of farmers, and attract the youth community to the agriculture sector.

The amount allocated by the government for this is Rs. 1,600 million. Thus, under the first phase, Rs. 10 million has been given to each village for the implementation of projects.

Many private fertiliser companies were facing a weak financial situation as they had to pay a huge sum of Rs 29,000 million as arrears to the fertiliser companies. The Minister also mentioned that despite a huge economic crisis, President Ranil Wickremesinghe as the Finance Minister took steps to provide the related outstanding loan money to the fertiliser companies.

Thus, the government has completed the payment of outstanding loans owed to these fertiliser companies by previous governments.

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