Business
Releasing of State Bank funds to purchase paddy left in limbo
Agriculture Ministry Secretary keeping his fingers crossed until next Board Meeting at BOC
Farmers say private rice-millers buy paddy at lower prices and sell rice at higher prices
by Sanath Nanayakkare
M.B. Rohana Pushpakumara, Secretary to the Ministry of Agriculture told the media on Saturday that the Cabinet had approved a bank facility of Rs. 2000 million from State Banks to purchase Yala Season’s paddy harvest from the farmers, which decision had been subsequently informed to the Banks by the Ministry of Finance, but nevertheless these funds have still not been released to the Paddy Marketing Board (PMB).
“The Cabinet of ministers had given the approval to get a credit facility of Rs. 2,000 million from the Bank of Ceylon and the People’s Bank to purchase the paddy harvest of the Yala season. Accordingly, the Finance Ministry had informed the Banks to release these funds to the PMB. In this backdrop, we started purchasing paddy from farmers immediately, assuming that we would get those funds. But we have still not received Cabinet-approved funds from the Banks, “he said.
“After the directives, we bought paddy to the value of Rs. 850 which was actually bought on credit. Over the past few weeks, we settled 90% of these credit purchases with funds of the PMB. However, we continue to negotiate with the Bank of Ceylon (BOC) to obtain the credit facility soon. What we hear by today is that the BOC is going to hold a Board Meeting by 2nd October, and a decision would be made at it to release the funds. If that happens, we can resume purchasing of paddy which has come to a halt due to lack of funds,” he said.
Meanwhile, farmers told the media that although harvesting of Yala Season’s paddy has started, the government warehouses are not purchasing their yield, and therefore, farmers can’t sell their yield at a competitive price.
“Government’s paddy purchasing centres must be opened as quickly as possible to prevent private rice millers from buying paddy from us at low prices,” they said.
” If we can sell a kilo of paddy at Rs. 150, that will be sufficient for us to cover our expenses and have a fair profit margin. But now we are compelled to sell at Rs. 96-110. That is not enough to cover even the cost of production. A big warehouse in Polonnaruwa has put up a sign as a ‘paddy purchasing centre’, but it remains closed. If the government starts purchasing paddy, then only private millers will start offering competitive prices. What happens now is they buy paddy at lower prices and sell rice at a higher price. If they buy low and sell low, that’s fine. But they are doing it the other way round.”
A farmer association told the media that this situation could lead to a hunger crisis. They, however, said that officials at the Ministry of Agriculture pledged to resolve the issue within a month’s time. They warned that if a solution is not found to the issue within the timeline, farmers and all the people that consume rice as their staple food would take to the streets to launch an Aragalaya.
However, credible news reports earlier this month said that the government was going to mortgage its paddy stocks to state-run banks to obtain required cash to make purchases from farmers in the current season. The move came after the state-run banks declared they were not in a position to extend loans to the state-run PMB to buy paddy as the debt on previous loans amounting to nearly Rs. two billion was still outstanding.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
