–gov’t intervention results in reduced interest rate on bank loans for farmers, President Ali announces
–stakeholders engaged on the need to identify another 25,000 acres of land for the production of rice as an input to feed

PRESIDENT, Dr. Irfaan Ali, during a live Facebook announcement on Saturday, said that interest on loans for poultry farmers will be slashed from eight per cent to around five per cent, to support small, medium and large-scale farmers’ livelihoods while promoting agricultural diversification.

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 reduced loan rates for farmers.

“This is a tremendous moment for the poultry sector this morning,” President Ali said, adding that current borrowers will also see the benefits of reduced interest rates in the upcoming month.
Dr. Ali said that during the recent engagements with farmers, in particular, the small-scale farmers, issues were raised regarding the cost of capital.

The President related: “For the last three weeks, we have been engaging the poultry sector in an effort to find ways in which we can continue the rapid collaboration and ways in which we can continue the goal of expanding the sector beyond its present size.

“The government has already [laid out] a foundation, a very comprehensive strategy in [the] short, medium and long-term. These interventions were needed to ensure that our industry remains vibrant and competitive,” Dr. Ali said.

The President related that his administration has strengthened the National Poultry Association, and engaged the Mahaica, Mahaicony, Abary-Agricultural Development Authority (MMA-ADA) and Guyana Lands and Survey Commission on the issue of the allocation of lands for the poultry sector, specifically, the identification of another 25,000 acres of land for the production of rice as an input to feed.

According to the Head of State: “We’ve equipped the GLDA nutrition lab with additional instruments. We have equipped the quarantine and surveillance unit, the tools and equipment… more than $13 million to support their work, for regions Three, Four, Five, and Six.

“The procurement of vaccines: We spent $29 million on the procurement of vaccines, and this will reduce the costs of acquisition of ‘chicks’ by the farmers by $6 per ‘chick’.”

Additionally, the government has already injected millions into drainage and irrigation, constructed a number of farm-to-market roads, distributed plant material and breeding stocks, partnered with the private sector to develop large-scale corn and soya bean in order to become self-sufficient in animal feed, and removed value-added tax (VAT) on heavy-duty equipment used in agriculture.