Cane farmers are currently managing a substantial loan totaling approximately $31 million owed to the Sugar Cane Growers Fund, according to CEO Raj Sharma. Recently, the fund received a payment of $2.634 million towards this debt; however, only a small portion, amounting to $23,838, was allocated to high default accounts.
Sharma highlighted that a significant amount of money was returned to the farmers, indicating positive cash flow for them. The deferred loan repayments will be deducted from the forthcoming cane payment, providing farmers some relief and opportunity to manage their finances more effectively.
He emphasized the importance of prudent financial management, urging farmers to utilize the funds wisely. Furthermore, Sharma noted that modifications to the repayment terms were made after thorough consultations with key stakeholders, including the Government, the Ministry of Multi-Ethnic Affairs, and the Sugar Industry.
Farmers retain the option to make early repayments if they choose to do so, presenting them with flexibility in managing their debt.
Overall, while the loan situation may seem challenging, the proactive engagement with stakeholders and the decision to defer repayments indicates a collaborative approach to support farmers during difficult times. This could pave the way for a healthier financial landscape for cane farmers, fostering better growth and stability in the industry.
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