SVG launches $6 million farmers support programme

Farmers in St Vincent and the Grenadines may just be taking the business approach to their livelihood following the launch of an initiative that was designed for them.{{more}}

Yesterday, farmers from across the country gathered at the Ministry of Foreign Affairs conference room for the official launch of the farmer $6 million dollar credit support programme.

While speaking at the launch, Minister of Agriculture, Saboto Caesar noted that while there was land, and farmers who were willing to work, implications from the global financial crisis have caused financial problems for the Caribbean region.

“We have seen significant financial problems throughout the entire world. In our region and in our country, we have been the recipient in the falling out in the insurance subsector. We have also witnessed over the years, the removal of the preferential treatment for bananas. These factors coming together have created a significant deficit in capital available for investment in the farming community and in the agricultural sector,” Caesar said.

The agriculture minister said that the objective behind the credit programme is to ensure that going forward, a more resilient agricultural sector is created. He also noted that through the formation of the Farmer Support Company, requisite framework will be put in place for farmers to receive their money in an efficient manner.

”I see a great day coming for us in the agricultural sector. The credit facility is one very important step. We have to also ensure that the labour side of it (is developed); that we work harder, that we are steadfast and that we are resolute as we move the process forward,” Caesar said. “I am confident that once we utilize these monies that are being made available to us today, that we will be able to see an increase in production and productivity in this country”.

In the feature address, Prime Minister Dr Ralph Gonsalves explained that the money for the programme comes from a grant under the PetroCaribe agreement. Gonsalves described the funds as “cheap money”, particularly because of the extremely low interest rate.

“We are lending the money to you at 2 per cent. You can’t get the money cheaper than that. It is the cheapest – the money is almost a grant when you get it at two per cent. It is very, very cheap money,” he said.

The prime minister also indicated that the money will be able to provide farmers with fertilizer, tools, inputs and labour. Furthermore, Gonsalves pleaded with the farmers present not to try to take advantage of the system, as they will only be hurting themselves.

“I don’t want you to feel that if you borrow a $5000 and you put it in your farm and when you get your commodities and so on and you get $15000 out of what you put in, that the $15000 dollars belong to you because the $5000 that you put in belongs somewhere else,” he said. “If you think that the $15000 just belong to you, you can’t come back and ask me for anymore because it means that you have a bad credit and you taking it as though I am subsidizing you. You have to run your farm as a business”.

While he noted that the money will not be enough, Gonsalves assured that it will be able to help significantly. He also indicated that he is working to acquire more funds to pump into this credit programme.