*Government to import another 40,000 metric tons of rice:

*Private sector businessmen import 44,000 mt of rice:

Rice prices stabilise following imports

The Government has decided to directly get involved in the import of another 40,000 metric tons of rice to quell a possible rice shortage during the upcoming festive season.

The Government said the price of rice will stabilize and will even drop below the controlled price with the entry of these stocks to the market.

According to Treasury Secretary Dr. P.B. Jayasundara, the Government will import another 40,000 metric tons of rice within this month in addition to the 44,000 metric tons imported by the private sector to cater to the increasing rice demand in the local market.

Accordingly, the first consignment of 15,000MT will reach Colombo on December 28 and the rest 25,000 MT will reach the country at the end of next week.

Dr. Jayasundara said this move will quell any scarcity of rice in the local market. Meanwhile, private sector businessmen have already imported 44,000 metric tons of rice exploiting the conducive environment provided by the Government for importers.