Press briefing of Cabinet Decision taken on 2024-01-29 (Subject to Confirmation at the next Meeting)

Paddy Purchasing Programme for the Maha Season 2023/2024

- It has been planned to implement a pledge loan scheme at a concessionary interest rate through State and Private Banks to purchase paddy for Maha season 2023/24. Accordingly, loan funds will be allocated based on the average production of each district in the Maha seasons of last 05 years. Under the proposed loan scheme, it is expected to issue pledge loans worth Rs.09 Billion. A maximum loan of Rs 50 million will be given to small and medium scale paddy millers and a maximum of Rs 25 million to paddy storage owners and paddy collectors. The loan repayment period is 180 days. Out of the 15% annual total interest rate, 4% will be borne by the General Treasury. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to implement the proposed paddy purchasing program, was approved by the Cabinet.