Courtesy Adaderana

President Ranil Wickremesinghe says reducing bank interest rates in relation to the gradual decline in inflation is currently under consideration.

The Head of State further expressed hopes about receiving the USD 2.9 billion under the International Monetary Fund’s extended fund facility (EFF) program by March.

His remarks came during a meeting at the Presidential Secretariat on Thursday evening (Feb 16) to discuss the issues faced by small- and large-scale paddy mill owners, the President’s Media Division (PMD) said.

During the discussion, the mill owners raised concerns about the soaring fuel prices, electricity tariffs, equipment maintenance costs, transportation charges and other costs pertaining to production and administration work that have led to an increase in the production cost of 1 kilogram of paddy.

Further, the mill owners drew the attention of President Wickremesinghe to the challenges they are facing by having to pay an interest of 28% for the bank loans they have obtained.