Government launches paddy purchasing programme with the assistance of the Sri Lanka Army

COLOMBO (News 1st):- In order to ensure a reasonable price for the paddy harvest of farmers, the Government has commenced the Paddy Purchasing Programme of 2019/2020 Maha Season. Nearly Rs. 3.8 billion will be released through Bank of Ceylon, People’s Bank and Regional Development Bank for the implementation of the program. The Government decided to intervene in the purchase of the excess stocks of paddy during the current harvest season with a view of stabilizing the price of paddy and compelling large and small scale rice mill owners in the private sector to purchase paddy at a reasonable price. Speaking to News 1st, Secretary to the Treasury and Ministry of Finance S. R. Attygalle said the government is intervening to provide assurance for banks to lend money to paddy farmers, adding “Specialty of the endevour is the involvement of the Sri Lanka Army.” Cabinet this week agreed to a proposal by Prime Minister Mahinda Rajapaksa, who is also Minister of Finance, Economic and Policy Development, to provide funds through the banks for the continuation of this program which began last month. A harvest of about three million metric tons of paddy is expected from this year’s Maha season.