Area
Sri Lanka
Commodity Group
Rice
Commodity
All
Date
10/11/2016
Policy Category
Production
Policy Instrument
Budgetary allocations/ Production support
Description
Announced 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.
Notes
Exchange rates as of 1 December 2016.
