Praneeta Prakash 
[File Photo]
Calls have been made for a robust support systems and improved access to finance to help farmers thrive especially those in the non-sugar agriculture sector.
Sugar Cane Growers Fund Chief Executive Raj Sharma says that while agriculture continues to be the backbone of the nation’s economy, stronger backing is needed to help farmers grow and sustain their livelihoods.
He says despite one-third of population being directly or indirectly involved in agriculture, only about 2.35 percent of the loans issued across the financial system go to the sector.
He explained this during the Fiji Farmers Economic Summit.
Total loans that the people have is 261 million dollars in agricultural sector. Total banking system, sorry it’s not fully reflected over here, is 11 billion dollars. When we compare these things, it represents only 2.35% of the total loan against the 11 billion, So which means there is very little loans being given in the agricultural sector.
Sharma is urging policymakers to expand government guarantee schemes to make it easier for farmers to access loans.
That’s where the policy makers such as Central Bank, government policies through their fiscal policies should look at to encourage accessibility to the loans supported by guarantee schemes. Rightfully I think Madam has said that we lenders also require security which is fair enough. But SMEs are also given loans through government guarantee schemes. We are encouraging if that could be also expanded to agricultural sector.
The Permanent Secretary for Trade, Shaheen Ali, also reassured farmers that the government is committed to supporting the sector through several initiatives.
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