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$8m is enough for farmers: PM

 

Jul 28, 2022 02:00:22 PM

Prime Minister and Minister for Sugar Industries Voreqe Bainimarama and Minister for Economy Aiyaz Sayed-Khaiyum are content that the $8 million allocated in the 2022-23 National Budget is enough for the Sugarcane farmers.
 
Bainimarama said the Government has ensured that growers will get the full $85 per tonne payment.
 
"Government funded top up the world market price for sugar. And when the whole market price goes lower, we step in to cover the difference. And right now, the world market price is high. So we don't really put in that much money."
 
"So we think $8 million is enough."
 
Meanwhile, Sayed-Khaiyum also said the Government does not depend on the World Market Price to determine the $85 per tonne payment.
 
"Even though in the pandemic, Government revenue went down by 50 per cent, we still paid $85 per tonne because we gave an undertaking."
 
"And now the economy is bouncing back, the same will continue, we will pay $85 per tonne."
 
"If the guaranteed price $85 and if for example, the cane farmer world market price is $80 Government pays the 20 $25 difference. If the world market price goes up to $80 the government has to pay the $5 difference. That's the point. So, in other words, the allocation: Why would we make an allocation based on a world market price at $60 when the world market price, for example, would be $80?"
 
By Romeka Romena  

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