Sri Lanka, the island nation of 22 million people spiraled into the perils of a deep economic crisis.

But what led to the Sri Lankan economic crisis?

Experts opine that apart from years of weak economic policies and the COVID-19 pandemic, it’s the decision to ban the import of all chemical fertilizers in 2021 to make agriculture 100% organic, a move that was later reversed also hit the country’s farm sector and triggered a drop in the critical rice crop.

The ban led to a sharp decline in the yields and soaring prices of essential food grains. Prices for grains, including rice, which is a key product in Sri Lanka, have skyrocketed. Sri Lanka is reeling under an acute shortage of food grains both for local consumption and export.

With the island teetering near bankruptcy, it's time to discuss the way forward for Sri Lankan agriculture and how it could bail out the country from the crisis.

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