Pres Ali pledges continuous support to rice farmers to mitigate falling global prices impact

President Dr Mohamed Irfaan Ali has pledged continuous support for rice farmers to help mitigate the impact of falling global prices.

He also emphasised the need for meetings with farmers across the regions to come up with ideas to ease the challenges posed by the downturn in the international market.

“Today, the Ministers of Finance and Agriculture had a meeting with rice millers. They are expected to meet later this week and then have meetings with farmers across the different regions for us to come up together with ideas to ease the impact and the burden of the falling global prices,” President Ali disclosed during a press conference at the Office of the President in Georgetown on Tuesday.

With global rice production at an all-time high, President Ali explained that major producers and exporters, like Brazil, Vietnam and India, are having record levels of production and stockpiles.

He said the high production levels have led to a significant stockpile, which could have caused market disruptions if not managed.

According to him, the high stockpiles have resulted in low prices in the global market, negatively affecting farmers.

He added that the low prices have significantly placed pressure on farmers, necessitating support measures.

President Ali explained that farmers received a price of $4,000 per bag for paddy.

Additionally, $3.6 billion was provided in merchandiser paddy assistance.

He disclosed that the second crop is projected to be cultivated on more than 209,000 acres of land, with an average yield of 40 bags per acre.

The president estimated that the rice production will exceed 8.3 million bags, highlighting the need for effective market strategies.

He stated that engagements with rice millers and farmers will continue throughout the week to find additional support measures, emphasising the importance of providing farmers with accurate data to improve their decision-making processes.