Accurate Data Essential for Rice Market Regulation, says President

COLOMBO (News 1st); Sri Lankan President Anura Kumara Dissanayake has addressed concerns about rice production and market regulation, emphasizing the need for accurate data.

Speaking during the Satana program on Sirasa TV, the President highlighted significant discrepancies in the available data, noting that the country lacks precise figures on annual rice production and consumption. 

"How can decisions be made in such a country?" he questioned.

Responding to allegations of large-scale rice hoarding, President Dissanayake dismissed these claims as false. 

He explained that large-scale mill owners store rice stocks obtained through bank loans and cannot afford to hoard rice due to the associated costs. 

"A small mill owner once told me that selling at a loss of Rs. 2 is better than closing for a day because of bank interest and employee wages," he said.

The President confirmed that inspections have been conducted on these large-scale mills. He explained that mill owners store rice from the Yala harvest until April to maintain its quality. However, they must sell the stored rice by April, making it impossible to hoard stocks.

To ensure transparency, the government has introduced a mandatory registration system for all rice stockholders. They must register with the Consumer Affairs Authority and the Paddy Marketing Board and submit weekly reports on their stocks.

When asked if these measures were undemocratic, President Dissanayake responded, "Talking about democracy won't help when it comes to rice in this country."