About financial crisis…
AGRICULTURE Minister, Robert Persaud, has reported that exports in the various sub-sectors, for the first quarter of 2009, have generally remained stable, with instances of significant increases.

Speaking at a recent roundtable discussion on the global financial and economic crisis, at Hotel Tower, on Main Street, Georgetown, he said 45,000 tonnes of rice went out during that time, slightly doubling the amount sold overseas for the corresponding period last year.

Mr. Persaud said earnings from the grain for the three month in 2009 were about US$25M, more than three times the US$7.3M earned the previous year.

In the area of non-traditional crops, the minister said close to 2.5 million kilogrammes of fresh fruits and vegetables were exported in the first quarter of 2009, compared to the 1.8 million kilogrammes in 2008.

However, he said, although the value this year was lower than that of last year, Guyana still received G$329M, $4M more than obtained in 2008.

Persaud said forestry exports receipts dropped from US$12M for the first quarter of last year to US $8M this year.

He said, strangely, his ministry has been confronted with a situation where production in that sector increased by some 25 per cent yet exports declined.

Persaud told the gathering, of private and public sector representatives, that, even though the global economic crisis has an impact on agriculture, it will not be in a destructive proportion.

He urged North American investors bombarded by the crisis to explore the safe agro-business investment opportunities available in Guyana.

Agriculture accounts for 34 per cent of the Gross Domestic Product (GDP) and is largely export oriented and Persaud said Guyana, like many other countries, is not immune to the prevailing international circumstances and the concomitant problems, their solutions and resulting market openings need to be examined.

He pointed out that Government has engaged the agriculture sub-sectors on the financial mess to identify possible investment opportunities that can be derived and some of the measures taken to address the situation include the removal of the export commission from value-added forestry products and the slashing of it on rice, by 60 per cent.

Persaud said his ministry held talks with the banking community to determine what can be done to help farmers in precarious positions.

In addition, he said the Administration is looking to mobilise more resources and put a framework and facilities in place to benefit those involved in crops and livestock.

Persaud assured that Government will continue to look at creative and innovative medium to long-term strategies for ensuring the agriculture sub-sectors withstand the effects of the international downturn.