The Sugar Cane Growers Fund believes that the deferment of loan repayment will be a turning point for the sugar industry.

Chief Executive Raj Sharma says this offers not only financial respite but also the motivation to enhance productivity, painting a brighter future for the sugar cane industry.

The Fund received a total payment of $4.173m and has paid all the payments back to growers’ accounts in the banks.

“Normal tendency is that whatever is the repayment due in a minimum would be 50 percent of the amount means we would have taken $2 million in the repayment. But the Minister has advised us considering to motivate the farmers and also to help the farmers to boost the production. We have released all the money back to the farmer’s bank account.”

Sharma says the government’s commitment to the industry goes beyond loan repayment deferment.

“There are new incentives that has been pumped. So this should motivate the farmers. Despite of the challenges. There are lease renewal and new farmer incentives. This opened beginning of this month and so far we are looking at the administration we would have received close to 80 to 90 application for the new farmer and the lease renewal programs.”

Finance Minister Professor Biman Prasad says the sugar industry looks to the future with anticipation.