FSC accelerates payments to support farmers

May 24, 2024 11:46 am

[File Photo]

The Fiji Sugar Corporation Limited has announced the fourth payment of $21.75 per tonne of cane supplied for the 2023 season crop.

FSC Chairman Nitya Reddy confirms that 10,609 growers with credit balances will receive the funds in their accounts by Tuesday, May 28.

This payment will bring the total price paid for the season to $101.08 per tonne with an additional final residual payment due before the end of October 2024.

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Reddy notes that this will be a historic final price of more than $100 per tonne for the first time in the industry’s 140-year history, which is at least 20 percent above the minimum guaranteed price of $85.00 per tonne.

He adds that this achievement was made without any government top-up.

Reddy states that FSC will inject a gross amount of $34.1 million into the economy next week, with total net proceeds from the sale of sugar and molasses for the 2023 crop amounting to $228.9 million.

Despite multiple challenges, including declining production, falling incomes, and issues with harvesting, milling, and transport, Reddy says this record price reaffirms the continuing importance of the sugar industry to Fiji’s economy and its contribution to the livelihoods of Fijians.

Reddy also mentions that FSC’s cash resources are severely stretched, forcing them to borrow at considerable cost.

However, they are happy to bring forward the payment to alleviate the difficulties of the farmers as they prepare for the start of the next crushing season in the coming weeks.