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 purposes, but only $23,838 of that amount was allocated to address high-default accounts.
Sharma highlighted the significant financial relief provided to the farmers, stating, “A huge sum of money was returned to the farmers.” He also explained that deferred loan repayments would be deducted from the next payment for cane deliveries. Farmers are encouraged to utilize the funds responsibly.
In addressing the issue, Sharma noted that discussions were held with various stakeholders, including the Government, prior to implementing changes. He mentioned consultations with the Ministry of Multi-Ethnic Affairs and the Sugar Industry regarding the decision to postpone loan repayments related to the final cane payment. Farmers also have the option to settle their dues in advance if they choose.
This situation highlights the ongoing efforts to support farmers during challenging economic times. With proper guidance and support, farmers may be able to manage their finances more effectively while continuing to contribute to the sugar industry.
Overall, while the financial burden is substantial, the proactive steps being taken by the Sugar Cane Growers Fund are a positive move towards fostering better financial health for the farmers. Proper utilization of the returned funds may provide a pathway to improved fiscal stability in the long run.
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