Inflation ( CCPI)1.7% (June 2024)
GDP5.3% (1Q 2024)
Unemployment4.3% (4Q 2023)
3M T-Bill Rate9.14%
12M T-Bill Rate9.95%
2Y T-Bond Rate10.10%/ 10.20%
4Y T-Bond Rate11.60% / 11.70%
USD/LKR303/304
Reserves $5.6Bn (June 2024)
Cum. Trade Deficit $2,180 Mn (May 2024 cumulative)
Cum. Fiscal DeficitLKR 361Bn (April 2024)

Sri Lanka has increased the spending on fertilizer imports substantially

OtherApr 19, 2023
Sri Lanka has increased the spending on fertilizer imports substantially

In April 2021 former President Gotabaya Rajapaksa announced a ban on the import of chemical fertilizers in order to root the farmers for organic farming. Even after the ban was lifted in November 2021, farmers struggled to access supplies of fertilizer compared to the end of 2022.

During this time imports deteriorated drastically as a result of a lack of foreign exchange, while global fertilizer prices rose in the wake of Russia’s invasion of Ukraine. The country went bankrupt with the government was unable to pay the debt to external parties.

However, amidst of all challenges farmers have produced good paddy harvest in the last Yala and Maha seasons in 2023, which is in line with market requirements.

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