Farmers countrywide are to benefit from over $660M that was paid to rice millers by the Guyana Rice Development Board (GRDB) for the supply of rice to Panama.
Millers have been paid over $600M for rice supplied to Panama, Government announced yesterday.
GRDB’s General Manager (ag) Nizam Hassan explained on Saturday that “this is the payment that Guyana has received from Panama for its supply of almost 7,500 tonnes of rice. Over $660M has been paid out. All millers have been paid in full.”
“This payment was made on the second contract for rice supplied to the Spanish-speaking country between September and October 2015. With payment arriving in such a short time, GRDB is confident that this can be seen as a start to the potential end of lengthy waiting periods for rice payments, by farmers,” a statement from GRDB’s public relations firm said yesterday.
Hassan said, “Farmers can expect payment now that millers have been paid.”
GRDB said it has been working closely with all stakeholders to address the ongoing challenges farmers face in receiving early payment from millers for paddy sold.
Farmers have been facing problems collecting from millers, although regulations allow for a timeframe of at least seven weeks from delivery.
With over 600,000 tonnes of rice expected this year again, a record production, Guyana has been facing challenges to find markets.
Compounding the challenges is the fact that neighbouring Venezuela has ended its five-year deal to take rice and paddy, following its revival of a simmering border claim.
Guyana has commitments that Mexico will be taking some of the surplus but this has not been finalized as yet.
