Sugar stabilization price to increase to $85 per tonne
June 28, 2018 8:30 am
Good news for cane farmers as the government will be setting up a stabilization price and fund in partnership with the Fiji Sugar Corporation of $85 a tonne for all cane payment for the next three years.
This is an increase of three dollars.
This agenda has allowed the FSC to sell off underutilized assets and stabilize the price which will fund the Sugar Stabilization Fund within the FSC.
Economy Minister, Aiyaz Sayed-Khaiyum says this will bring cane farmers confidence in the industry in the long term.
The government will be funding this measure as well with an allocation in the 2019/2020 fiscal year.
Sayed-Khaiyum says the government will continue to modernize the industry to make it more competitive in the global market.
He says through the Sugarcane Care the government will be ready to respond swiftly and effectively when cane farmers are hit by severe weather.
The Sugar Industry has been allocated a total budget of $62.3 million in the 2018/2019 national budget.