Legislation to govern Rice Mill & Silo Owners to prevent food hoarding

COLOMBO (News 1st); Prime Minister Ranil Wickremesinghe today (15) met with representatives of the commercial banks to discuss the loans requested by Rice Mill Owners.

The Prime Minister was informed by Minister of Trade, Commerce and Food Security, Nalin Fernando, that while the banks were not dispersing the requested loans sufficiently, there was also hoarding of rice stocks taking place.

The Prime Minister instructed the Central Bank and Treasury officials to monitor the banks lending policies, while ensuring that State Banks provided loans that were in line with the Government's financial policies.

The Prime Minister also stated that the Government would introduce new legislation that will govern Rice Mill Owners and Silo Owners to prevent future hoarding of food stocks.