Cane farmers currently hold an outstanding loan of approximately $31 million with the Sugar Cane Growers Fund, according to CEO Raj Sharma. Recently, the fund disbursed $2.634 million for repayment, but only a small portion, $23,838, was retained due to high default rates.
Sharma emphasized the importance of responsible financial management, advising farmers to utilize the returned funds wisely. He noted that any deferred loan repayments will be deducted from the upcoming cane payments, ensuring that farmers can manage their finances more effectively while remaining aware of their obligations.
Changes regarding the deferment of loan repayments were made after consulting various stakeholders, including the Government. Sharma mentioned that consultations took place with the Ministry of Multi-Ethnic Affairs and the Sugar Industry prior to implementing these adjustments.
Importantly, farmers also have the option to settle their dues earlier if they choose to do so, presenting an opportunity for those who can afford to clear their debt sooner.
This situation may reflect a progressive step towards supporting farmers in better managing their financial responsibilities, with stakeholders actively working together to ensure a sustainable future for the sugar industry and its contributors. Farmers’ prudent spending of returned funds could lead to improved livelihoods and greater financial health within the community.
Overall, it is a moment of reflection that encourages cautious optimism as the sugar industry navigates through challenges while working towards better financial practices and stronger support systems.
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