The Ministry of Agriculture, Food and Rural Affairs said Friday that it will buy an additional 100 billion won worth of rice from local farmers this year as the harvest has surpassed last year’s level.
 
The decision will increase this year's budget for the government's rice-buying program to two-point-eight trillion won, or roughly two-point-four billion U.S. dollars.
 
The ministry has also decided to cut the amount of imported rice to be sold to consumers in November and December by 50 percent to five-thousand tons.
 
Regarding a plan announced last month to isolate 200-thousand tons of rice in order to stabilize supply and demand, the ministry said it was in the process of isolating the rice, adding that it will announce additional stabilization measures.

According to the ministry, the rice harvest this year will be four-point-32 million tons, up two percent from last year.