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IMF loan expected in March – President
During a discussion held at the Presidential Secretariat on February 16th, President Ranil Wickremesinghe announced that an International Monetary Fund (IMF) EFF loan is expected to be received in March.
The President also mentioned that the possibility of reducing bank interest rates is being considered in line with the gradual drop of inflation rate.
The discussion was aimed at identifying the issues faced by small and large-scale rice mill owners and finding solutions to resolve them.
The rice mill owners brought up the fact that the production cost of a kilogram of rice has increased due to various factors, including the rise in fuel prices, electricity charges, machinery maintenance costs, transportation costs, and all other production and administrative expenses.
They noted that they would incur losses by selling their product at the current market price as it is lower than the production cost.
The rice mill owners also pointed out the difficulty of paying a high interest rate of 28% on bank loans taken to purchase paddy. It was mentioned that the production cost of a kilogram of paddy has increased due to the rapid increase in prices of the agricultural inputs for paddy cultivation. Farmers have had to pay a high interest rate on bank loans they had taken for cultivation.
As a result, the rice mill owners demanded relief for the rice industry, which has reached a difficult stage to maintain operations due to the increase in production costs for both cultivation and rice mills.
The President acknowledged their concerns and stated that it was the government’s expectation to provide all possible relief to consumers as well as farmers.
The President instructed officials to seek means of increasing paddy production by reducing production costs and finding solutions to the problems faced by rice mill owners without delay. The discussion ended with the President’s assurance to work towards finding a solution to the issues faced by the rice industry.
President’s Secretary Mr. Saman Ekanayake, President’s Senior Adviser on Economic Affairs Dr. R.H.S. Samaratunga, Presidential Adviser on Food Security Dr. Suren Batagoda, government officials and representatives of small and large scale rice mills including Mr. Dudley Sirisena attended the discussion.
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A/L top achievers in North, felicitated (Pics)
Three hundred students from the Northern Province who excelled in all subject streams of the 2023 G.C.E. Advanced Level (A/L) Examination will each receive a grant of Rs. 100,000 from the President’s Fund.
As part of a newly launched initiative to honour high-performing students at the district level for the 2023/2024 G.C.E. A/L Examination, the President’s Fund hosted an award ceremony this morning (22) at the Iranamadu Nelum Piyasa Auditorium in the Northern Province.
During the event, 300 students from the districts of Jaffna, Kilinochchi, Mullaitivu, Mannar and Vavuniya, specifically 60 students per district, with the top 10 students from each subject stream, were recognised and presented with financial awards for their outstanding academic performance. The President’s Fund has allocated a total of Rs. 30 million for this initiative, which is expected to be extended to all districts in the future.
Dr. Nandika Sanath Kumanayake, Secretary to the President, addressed the gathering and noted that following the formation of the new government, the President’s Fund has been restructured and expanded under the leadership of President Anura Kumara Disanayaka. He emphasised that the Fund now operates with increased transparency, correcting past irregularities to ensure benefits are directed to the truly deserving. Dr. Kumanayake also mentioned ongoing efforts to digitise the Fund and decentralise its services to improve accessibility and efficiency.
He further highlighted that education is the key to a successful life and urged the students to take full advantage of the support provided, pursue academic excellence, become responsible citizens and contribute positively to the country’s development.
Also addressing the event were Speaker (Dr.) Jagath Wickramaratne and Minister of Fisheries, Aquatic and Ocean Resources, Ramalingam Chandrasekar.
A vote of thanks was delivered by Abhishek, a student from Jaffna Hindu College, who expressed heartfelt appreciation to the President and the President’s Fund. He described the programme as a valuable opportunity for students from economically disadvantaged backgrounds to pursue higher education and achieve their goals.
In attendance at the ceremony were Northern Province Governor Nagalingam Vethanayahan, Deputy Minister of Cooperative Development Upali Samarasinghe, Members of Parliament K. Ilankumaran, Rajeevan Jeyachandramoorthy and M. Jagadeeswaran, along with other public representatives. Also present were Mr. Roshan Gamage, Senior Additional Secretary to the President and Secretary of the President’s Fund, senior officials from the Fund, government officers, heads of security forces, parents and students.
(President’s Media Division)
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