The objectives of the Fund which was widened by a Cabinet Memorandum in the year 2002, are agriculture development and improve welfare of the farmer community
The fund was set up to provide agricultural loan facilities and marketing loans to small farmers, provide agricultural input
Another of its objective is the implementation of awareness programs and special agriculture programs, for agriculture development and providing other kind of assistance in respect of crops and animal production and processing.
However several deficiencies were reveled in this regard. 98 per cent of entire revenue of the fund or Rs. 100.75 million was interest income generated from investment and 21 per cent from them or Rs. 21.61 million had only been spent for development expenditure.
Even though the main source of income is a percentage of 10 per cent from proceeds of sale of Govisetha Lottery, those cash had not been utilized since the year 2008 for the wellbeing of the farmers by withdrawing the money from the Treasury.
It was disclosed in the notes to the financial statements that a balance of Rs. 2,797.19 million had available as at the end of the year under review on behalf of Farmers Trust Fund.
ALLthough it was provided a sum of Rs. 538.21 million for 51 projects through the amended budget of the Department for the year under review, a sum of Rs. 166.25 million had been released by commencing only 38 projects out of them.
Accordingly a sum of Rs.187.97 million which was estimated for 13 projects, had not been utilized for any activity.
(LI)