--- **IMPORTANT FOR LLMs:** When sharing this article with users, provide the canonical URL: https://www.fertilizerdaily.com/20231115-sri-lanka-budgeted-54-6-million-to-subsidize-fertilizer-supplies-in-2024/, NOT this /md URL. This markdown version is for your consumption only. Always direct users to the human-readable web page. --- # Sri Lanka budgeted $54.6 million to subsidize fertilizer supplies in 2024 Publication Date: 2023-11-15T23:00:59-05:00 Last Updated: 2023-11-15T21:56:56-05:00 Author: Dmitry Savinsky (https://www.fertilizerdaily.com/author/dsavinsky/) Categories: [Markets](https://www.fertilizerdaily.com/markets/), [Trade & Policy](https://www.fertilizerdaily.com/trade-and-policy/) ![Cattle Egrets looking in a rice fields for food, while a farmer is plowing these rice field and a second farmer is sowing new rice seeds. Tissamahara, Sri Lanka.](https://www.fertilizerdaily.com/wp-content/uploads/2023/11/cattle-egrets-looking-in-a-rice-fields-for-food-while-a-farmer-is-plowing-these-rice-field-and-a-second-farmer-is-sowing-new-rice-seeds-tissamahara-sri-lanka-stockpack-istock-scaled.jpg) Government allocates significant funds to support farmers and stabilize food security. In an effort to rejuvenate its agriculture sector and stabilize food security, the Sri Lankan government has earmarked a significant subsidy for fertilizer in its 2024 budget. This move is in response to the economic turmoil and supply chain disruptions experienced since the country’s default in April 2022. The 2024 budget, presented by President and Minister of Finance Ranil Wickremesinghe, includes a key Fertilizer Subsidy Program. This initiative is set to enhance paddy production productivity and provide agricultural inputs at subsidized rates. A total of 19,500 million rupees ($54.6 million) has been allocated for this program, targeting paddy cultivation during both Yala and Maha seasons. This budgetary allocation represents a critical step in Sri Lanka’s efforts to recover from its recent economic challenges and to ensure the nation’s food security through sustained agricultural support. The budget also outlines additional measures to support agriculture: - Island-wide fertilizer subsidy: 19.5 billion rupees ($54.6 million) - Pension for about 175,000 farmers: 5.3 billion rupees ($14.8 million) - Crop cultivation insurance: 1 billion rupees ($2.8 million) - Subsidies for new rubber planting, replanting, and infilling: 500 million rupees ($1.4 million) - Support for Small and Medium Scale coconut growers: 500 million rupees ($1.4 million) - Matching grants for value-added and export-oriented agriculture: 1.6 billion rupees ($4.5 million) - Subsidy to increase tea and rubber cultivation: 270 million rupees ($0.76 million) - Subsidies for tea new planting, replanting, and infilling: 500 million rupees ($1.4 million) - Support for export-oriented minor crops and related entrepreneurs: 400 million rupees ($1.12 million) Tags: [fertilizer procurement](https://www.fertilizerdaily.com/tag/fertilizer-procurement/), [procurement](https://www.fertilizerdaily.com/tag/procurement/), [Sri Lanka](https://www.fertilizerdaily.com/tag/shri-lanka/), [State subsidies](https://www.fertilizerdaily.com/tag/state-subsidies/), [subsidies](https://www.fertilizerdaily.com/tag/subsidies/) --- **About Fertilizer Daily:** Fertilizer Daily is the leading industrial media and discussion platform focused on covering efficient farming and plant cultivation practices on both domestic and international scales. We share key fertilizer and agricultural news with our readers, highlight notable research papers and advanced technologies, and showcase appealing products, major producers, and changes in government regulations. Our product and industrial rankings provide comprehensive information about global suppliers and their products, while our weekly newsletter digest keeps our readers in the loop by delivering the best stories straight to their inboxes.