The Coalition Cabinet has approved the provision of $1,220,893.36 to clear outstanding lease payments and lease arrears for 218 farmers.
That is understood to facilitate the issuance of long-term leases (50 years) to 218 farmers and encourage them to continue farming.
According to Cabinet, this assistance will boost the sugar and non-sugar sector’s long term viability and sustainability; and also incentivise farmers to continue farming.
“Moving forward, sustainable practices and diversification is necessary for the agriculture sector’s resilience beyond such short-term assistance. Encouraging technological advancements and innovative farming practices will also enhance the efficiency of cane farming,” Cabinet said in a statement.
It stated the taskforce was formed in September last year to deal with issues regarding land leases, renewals and land premiums for sugar and non-sugar agricultural land.
It added that following consultations, the taskforce noted that a total of 2180 agriculture leases would be expiring in the period 2023 to 2030, including the lease rental arrears of 218 farmers.
Cabinet has also directed the Ministry of Finance to further assess the renewal of 1,780 TLTB leases that will be expiring from 2023-2030 and propose necessary lease premium initiatives in the 2024-2025 Budget.
