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| Friday, 5 November 2004 |
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Politics | |
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| Rice mill owners' bank loan slashed by 25% The Government has decided to right off 25 per cent of bank loans obtained by small and medium scale rice mill owners. Finance Minister Dr. Sarath Amunugama said the Freedom Alliance administration has also decided to extend the period of repayment of bank loans of rice mill owners by 10 years, Rupavahini reported. The Minister has forwarded the relevant cabinet memorandum on President Chandrika Bandaranaike Kumaratunga's directive. The Government has also decided to stop action taken by banks to auction rice mill owners' proprieties pertaining to repay loans. "It has been revealed that around 30 small and medium scale rice mills were closed down due to the failure to pay bank loans. Of this, 90 per cent of rice mills were in Ampara, Polonnaruwa and Anuradhapura districts. Two hundred rice mills were closed down in Polonnaruwa district," Rupavahini said. This action has been taken to strengthen the rice processing system and the paddy harvest which could be increased under the Government's new program next year. Dr. Amunugama noted that instructions were issued to delay the recovery of loans. But it was not sufficient as there was a drop in the paddy yield this year. Therefore instructions have been issued to banks to right off 25 per cent of loans obtained by small and medium scale rice mill owners. |
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