Sugarcane farmers to benefit from $102 per tonne price increase
Fiji: The Ministry of Sugar Industry & Multi-Ethnic Affairs has increased its budget to $76.1 million from $44.9 million last year, a rise of $31.2 million. Finance Minister Biman Prasad announced $66 million for farm development, subsidies, and capital repayment for the EXIM Bank of India loan. The sugarcane price has risen to $102 per tonne from $91.38. The budget also includes $1.1 million for the Sugar Research Institute and $400,000 for the Sugar Tribunal.
The Ministry of Sugar Industry & Multi-Ethnic Affairs has seen an increase in funding to $76.1 million in the new fiscal year, up from $44.9 million in the last budget, an increase of $31.2 million.
Finance Minister Biman Prasad states that from the allocated $76 million, $66 million will cater to farm development, fertilizer and cane cartage subsidies, upgrade work, lease premiums, drainage and mechanization, harvest subsidies, and capital repayment support for the EXIM Bank of India loan.
Prasad also highlights that last year, the government paid the highest sugarcane price of $91.38 to farmers, which has increased to $102 per tonne for this season.
The government aims to strengthen the Sugar Cane Growers Council by providing $200,000 for the conduct of the cane growers’ council elections and a further $800,000 for the Council’s operations.
The Sugar Research Institute of Fiji is allocated $1.1 million, while the Sugar Tribunal has been given $400,000.
The Multi-Ethnic Affairs budget is $5.9 million, with $2.3 million allocated to promote language, culture, and arts. The remaining $1.2 million has been allocated for the construction of gas crematoriums in Labasa, Navua, Lautoka, and Ba.
Source Link : https://www.fbcnews.com.fj/news/sugarcane-farmers-to-benefit-from-102-per-tonne-price-increase/
Recommended for you
