Cabinet approves working capital requirement for secure rice stocks

Cabinet approves working capital requirement for secure rice stocks

Cabinet approves working capital requirement for secure rice stocks

Written by Zulfick Farzan

29 Sep, 2020 | 2:53 pm

Colombo (News 1st); The Cabinet of Ministers granted approval for a working capital requirement for the maintenance of secure stocks of rice from October 2020 to January 2021.

According to a statement from the Government Information Department, the rice requirement during the months from October to January is accomplished with security stocks maintained from the rice produced during the other months, as no production takes place within the country from October to January.

The statement notes an estimated sum of 2,241 Million Rupees will be the cost to maintain a secure stock of approximately 25,000 Metric Tons including storage cost, for the period of 04 months from October to January.

Accordingly, the Cabinet of Ministers approved the proposal by the Minister of Marketing for the issuance of a letter of credit from the General Treasury for four months as working capital from the People’s Bank to Lanka Sathosa for this purpose.

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