Cabinet nod to import 300,000 MTs of rice

Finance Minister Ravi Karunanayake yesterday said Cabinet has approved importation of 300,000MTs of rice as buffer stock.

“People are trying to create an artificial shortage. Cabinet has approved importation of one and half months rice consumption as a buffer stock. The stocks will be kept at bonded warehouses and will be brought in as a duty free,” the Minister told journalists in Colombo at a special press briefing held at his Ministry yesterday.

Karunanayake said the buffer stock would help to alleviate any black market situation.

According to the Minister, Sri Lanka requires 200,000 MTs of rice per month for consumption.

“Right now we will release all the local stocks we have to the market.  Yala seasonal crops will start to come into the markets by March hence, we will have enough stock,” he added.

However, the Minister said that the Government does not want to involve in the rice importation and it will be done by the private sector. “We have no intention to call tenders for this because that’s where the corruption takes place.”