AreaSri Lanka

Commodity GroupRice

CommodityAll

Date10/11/2016

Policy CategoryProduction

Policy InstrumentBudgetary allocations/ Production support

DescriptionAnnounced that it would destine LKR 400 million (USD 2.8 million) to promote productivity improvements and modernisation in the agricultural sector, as part of its 2017 budgetary allocations. The funds would provide a 50 percent interest subsidy to farmers and farmer cooperatives investing in productivity enhancing practices or technologies and to medium-scale rice millers located in surplus producing regions that invest on processing and storage capacity. Additional funds would go to boost credit to farmer cooperatives, irrigation projects and to expand storage facilities, among others, with duties and taxes levied on imports of agricultural machinery also to be removed.

NotesExchange rates as of 1 December 2016.