Press briefing of Cabinet Decision taken on 2017-02-28

Importation of rice to control the price hike and the shortage in the domestic market

- The Cabinet approval was granted on 2016-12-25 to import rice through the private sector to maintain a buffer stock, with the objective of controlling the dearth of rice in the domestic market and increasing the prices of rice. Accordingly on 2017-02-26, a total quantity of 113,000 MT was imported and the prices appear to have decreased slightly in the market. The proposal made by the Hon. Rishad Bathiudeen, the Minister of Industry and Commerce, to import 20,000 MT each month through the Cooperative Wholesale Establishment (CWE), as the stock available in the market as at present is insufficient and to import 100,000 MT as a buffer stock through Government to Government basis and to sell such rice through the CWE and the open market, was approved by the Cabinet.