PM Proposes Solution to Farmers’ Financial Struggles

Sugarcane farmers in the north have long reported their struggles with poor road infrastructure, but the financial burden they face is equally concerning. Prime Minister John Briceño is calling this financing system “gouging” and proposing a bold solution.

“One of the challenges our farmers have is the issue of financing. They get these one-year financing loans from the bank, and the interest rates are as much as fourteen percent,” Briceño said, adding, “They are gouging them.”

Briceño explained that this high interest rate forces farmers to continually renew their loans, leaving them stuck in a cycle of debt with little room for growth. To address this, the Prime Minister has proposed a new plan. “One idea we are looking at is providing the financing… using this excess liquidity, passing it on to DFC, and DFC could go to the farmer.”

This proposal aims to lower interest rates and offer farmers longer repayment periods, giving them much-needed breathing room to rebuild their fields, according to Briceño.