“Govt. settled Rs. 29,000Mn. owed to fertilizer companies”

The Minister of Agriculture and Plantation Industries, Mr. Mahinda Amaraweera said that the government has now paid all the outstanding loans of Rs. 29,000 million that were not paid to private fertilizer companies for purchasing fertilizers for many years.

The minister said this while addressing a discussion held at the Ministry of Agriculture and Plantation Industry today (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 agriculture sector.

The amount allocated by the government for this is 1600 million rupees. Thus, under the first phase, 10 million rupees have been given to each village for the implementation of projects.

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

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

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