ECONOMYNEXT – Sri Lanka has allowed the import of some agro-chemicals under license after slapping bans on a series of agro-chemicals May 04, in continuing sudden economic restrictions which were first imposed in 2020, in wake of money printing and forex shortages.
Included are some nitrogen containing fertilizers, organo-sulphur compounds (used in insecticides/weedicides/medicines) as well as a series of fertilizer compounds.
The new rules apply to bills of lading and airway bills dated May 06 or after.
Dowload agro-chemcial import list from May 06
A series of agro-chemicals including some fertilizers were banned on May 04.
Sri Lanka is under the worst import controls since 1970s when central bank printed large volumes of money to finance deficits after the collapse of the Bretton Woods system in 1971 promoting so-called import substitution crony business which exploit consumers by selling at high prices.
Sri Lanka however has seen over-use of basic chemical fertilizers following sweeping subsidies given as an vote buying tactic, discouraging modern technologies used in other countries for fertilizer application, soil measurement and reducing run-off.