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Sri Lanka to spend Rs10.4 billion for paddy floor price

ECONOMYNEXT – Sri Lanka has allocated 10.4 billion rupees to help enforce a floor price for paddy harvested during the Yala minor cultivation season, cabinet spokesman Ramesh Pathirana said.

The government will pay 50 rupees for dried paddy and 42 rupees for (newly harvested) rice with moisture, Pathirana said.

Sri Lanka’s Finance Ministry said earlier in the week that state-run Paddy Marketing Board will make the purchases through stores scattered around the country.

The price will be paid regardless of the type of rice.

The unintended economic consequences of the move is not known. (Colombo/July15/2020)