Cane farmers currently have an outstanding loan of approximately $31 million with the Sugar Cane Growers Fund, according to CEO Raj Sharma. Recently, the fund has allocated $2.634 million for repayment, but only $23,838 will be retained for accounts with high defaults.
Mr. Sharma emphasized that a significant amount of money was returned to the farmers and noted that future loan repayments would be deducted from the next cane payment, allowing farmers to manage their finances efficiently. He advised farmers to use these funds judiciously to support their operations.
Before implementing any changes, Mr. Sharma indicated that consultations were held with stakeholders, including the Government, particularly the Ministry of Multi-Ethnic Affairs and Sugar Industry, regarding the deferment of these loan repayments for the final cane payment. Additionally, farmers have the option to pay back their dues earlier if they prefer.
This situation reflects a collaborative effort between the fund and stakeholders to support the financial well-being of cane farmers during challenging times, potentially leading to a stronger recovery and more sustainable practices in the sugar industry.
Overall, while the loan balance may seem daunting, the proactive measures being taken could pave the way for a more robust future for cane farmers, promoting financial stability and encouraging responsible management of their resources.
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