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| Sunday, 9 February 2003 |
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| News Business Features Editorial
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Newsmaker of the Week Private tea factory owners were lobbying the Government to get some concessions as tea prices were declining due to the unstable situation which has arisen as a result of fears of a war between USA and Iraq. Minister of Plantation Industries Lakshman Kiriella The Minister, who met factory owners last week, announced a host of concessions to tide over the bad patch. These include subsidising the interest rates on loans borrowed from commercial banks by industrialists while giving a subsidy equivalent to 50 per cent of the total interest. The balance will be paid by the Tea Board. Interest rates on loans taken by factory owners, buyers of green leaves and agents too will be reduced. "The Government is concerned about the impact the drop in tea prices at the Colombo Auction during the past few weeks will have on the small holder sector. "The Ministry has planned a series of meetings to monitor the situation and assess relief schemes." Only around five per cent of the tea brought to the auction was previously left unsold. This has gone upto around 15-20 per cent due to the tensions. |
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