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A co-operative Authority will be set up soon to develop the co-operative sector. The Authority is expected to transform nearly 80 per cent of countrywide co-operative societies running at a loss, into profitable ventures, the sources reported. The co-operative Development Minister H.B. Semasingha said: " At present there are about 315 Multi Purpose Co-operative Societies throughout the country. Four and a half million people are members of the co-operative movement. In addition all the Samurdhi beneficiaries are also members of Co-operatives. There are more than 40,000 employees in the co-operative sector receiving low salary scales. Immediate steps have to be taken to energise the already paralysed co-operative structure, stated the Minister. The minister has called for an immediate probe on factors, which has led to the collapse of these co-operatives. He further said the lack of funds is one of the main constraints in developing the co-operative movement. A fund will be set up in association with the Government and co-operative sector advice to develop co-operatives. Meanwhile a policy decision has been taken to amend primitive rules and regulations in which hindered the development in the co-operative sector, he said.
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