New allowance scheme to support fisheries industry

Wednesday, 11 December 2024 00:04 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers on Monday approved providing financial assistance to fishing vessel owners as part of ongoing efforts to revive the fisheries industry, which was adversely impacted by the economic crisis.

“Under the new scheme, owners of small fishing vessels using kerosene as fuel and registered with the Department of Fisheries and Aquatic Resources will receive an allowance of Rs. 9,375 per month,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said.

Addressing the weekly post-Cabinet meeting media briefing, he said the program effective from 1 November will run for a period of five months.

The decision builds on a previous initiative approved on 21 August 2024, to provide subsidies for six months starting 1 October 2024. Under that program, diesel-powered vessel owners were granted Rs. 25 per litre of diesel, while kerosene-powered vessel owners were allocated Rs. 25 per litre of kerosene for up to 15 litres per day for a maximum of 25 days.

Dr. Jayatissa said the Rs. 9,375 monthly allowance aims to simplify the subsidy process for small vessel owners using kerosene, ensuring they have operations. Meanwhile, the diesel-powered vessels will continue to benefit from the existing subsidy scheme.

He said the targeted assistance will boost activities and stabilise the fisheries industry which was hit hard by fluctuating fuel costs and the lingering effects of the economic crisis.

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