Fertiliser importers in a fix
The Yala season is likely to be impacted with inadequate stocks of chemical fertiliser as importers are facing a tough situation with a government that is unable to neither pay back their monies nor provide the dollars to order fresh imports even as crisis looms with the war in Ukraine.
Fertiliser importers met Agriculture Minister Mahindananda Aluthgamage this week in a bid to ensure that they can purchase the next consignments of fertiliser in time for the next Yala season and to pay back their monies due to them.
The government has been making paltry payments over the past two years for fertiliser imports as chemical fertiliser were sold in the local market at subsidised rates. The last payment of Rs.3.4 billion was made to the industry in December last year. The minister has assured to make their payments amounting to over Rs.4 billion before mid-May.
In this respect, the minister had requested them to submit this in writing which he would then take up with the Central Bank and the Treasury.
The Yala season requires about 200,000 – 250,000 MT of fertiliser in the first round of the season. They require about US$50 million to open LCs to import about 80,000 MT..
Moreover, the current crisis looming in Eastern Europe with sanctions on Russia and western powers set for war, with Belarus taking centre stage as it borders Ukraine can impact Sri Lanka.
Fertiliser importers mainly import Potassium from Belarus and this could be impacted as well with prices that have now come down likely to increase under the current global scenario.
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