Cabinet approves paddy purchase program for 2023/24 Maha season

The Cabinet of Ministers approved the proposal presented by the President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to implement the under mentioned paddy purchase program.

It has been planned to implement a loan scheme through public and private banks under a concessional interest rate for the purchase of paddy.

• Loan funds will be allocated based on the average Maha Season Paddy production of each district during the last 5 years.
• Loans of Rs.09 billion are expected to be issued under the proposed loan scheme.
• A maximum loan of Rs 50 million will be given to small and medium scale rice mill owners and a maximum of Rs 25 million to rice warehouse owners and rice stockists.
• Loan repayment period is 180 days. The annual interest rate is 15% of which 4% will be borne by the Treasury.