-Private Sector Commission challenges farmers to use opportunity to upgrade facilities to increase production

BOTH the Guyana Poultry Producers Association and the Private Sector Commission (PSC), through a press release, lauded President, Dr. Irfaan Ali’s announcement that poultry farmers will receive loans at a reduced interest rate, all in keeping with his government’s commitment to agricultural diversification to promote food security.

In an effort to reduce the monthly expenses of farmers, while making financing more accessible, the President said that, due to the government’s intervention, various commercial banks will now introduce a new facility, through which the interest income earned by the banks on loans granted to the poultry sector, will be free of corporate income tax.

The President said: “We will introduce a facility under which the interest income earned by commercial banks on loans granted to the poultry sector will be free of corporate income tax. This now will enable commercial banks to lower their interest rate.”

The commercial banks that were listed are: Citizens Bank, Republic Bank, Demerara Bank, and GBTI, which according to the Head of State, agreed to the reduced loan rates’ for farmers.
A press release issued by the Guyana Poultry Producers Association underscored that they continuously welcome the support for the industry by President Ali.

The association said he has supported in the areas of production, availability, and affordability of poultry meat products to the consuming public.

The release read: “The Association is greatly appreciative of His Excellency’s swift action to address the concerns of the industry and to alleviate the hardships being faced by poultry producers,” adding: “These actions are a tangible demonstration of the Government’s commitment, under President Ali’s leadership, to address in a meaningful manner the issues that are critical to ensuring adequate production and affordable availability of essential food items for the Guyanese people.”

Meanwhile, while congratulating the government for its efforts in encouraging private sector development, the Private Sector Commission said: “The Private Sector Commission congratulates the Government of Guyana on the decision made by the President to grant reduced interest rates on agricultural loans for poultry farmers which has resulted from his recent meeting with the Minister of Agriculture, poultry farmers and the local commercial banks.”

It then went on to say that the PSC perceives this decision as a forward-looking move in the right direction towards enhancing the livelihoods of the poultry farmers.

“The Commission looks forward to the poultry farmers now utilising this decision by the government to modernise, and upgrade their production facilities and increase their production to ensure that Guyana becomes self-sufficient in poultry production,” the press release stated.