Sri Lanka govt to repay Cargills, Sathosa for subsidised food losses

ECONOMYNEXT – The Sri Lankan government is to reimburse Cargills (Ceylon) ‘Food City’ supermarket chain and state retail chain Lanka Sathosa for losses incurred by selling food at subsidised prices, the state information office said.

A statement said the Cabinet of Ministers this week approved a proposal to settle 203 million rupees of losses incurred by the two retail chains.

The proposal was presented by Prime Minister Ranil Wickramasinghe as Minister of National Policies and Economic Affairs.

The two retail chains had incurred the losses during a four-month period from 14 December 2017 till 15 April 2018.

During the period they sold rice, sugar, potatoes, onions, dhal, sprats and tinned fish at prices set by government in an effort to provide subsidised essential food to consumers.

The government agreed to compensate the two retail chains after an assessment by an independent auditor.
(COLOMBO, March 08, 2019-SB)

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