Mar 02, Colombo: Cabinet Spokesperson of Sri Lanka Media Minister Keheliya Rambukwella said the Central Bank has set up a recovery fund to provide money to the Paddy Marketing Board to purchase paddy at a fixed rate during the current Maha season.

Rambukwella said a Rs. 6.5 billion recovery fund would help the country maintain a buffer stock of paddy and help the government control the price of rice in the market.

According to Rambukwella, the Paddy Marketing Board would release its stocks of rice to the market in the event of ashortage in the local market or an increase in prices.

He added that the Finance Ministry has directed the state banks to also purchase paddy from the farmers.

The Minister pointed out that the government has taken these measures to ensure that paddy cultivation is profitable to the farmers while the consumers are able to purchase rice at a reasonable price.

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