For the next three years, more than 6000 rice farmers will have access to insurance for their crops, without having to pay a cent on premiums.
President Dr Mohamed Irfaan Ali launched this major agriculture initiative at a ceremony on Tuesday at the Anna Regina Secondary School.
Delivering the keynote address at the ceremony, President Ali noted that his government does not view this program as a simple relief mechanism, but as a sustainable means of supporting farmers across the country.
President Ali said it is a lifeline because of the assistance and relief it brings to the rice industry.
“This is what makes today so historic. So, for those who feed our nation, we ensure that they have a cushion should misfortune visit them… This programme is not just relief, it is a lifeline for you,” President Ali said.
Underscoring the importance of this project in the fight against climate change, President Ali said it is time for real and decisive actions that would ensure harmful emissions are reduced.
“It is one thing to say we want a methane-free world, but it is another thing to give the farmers the incentive to lead us to a methane-free world, and that’s what is important,” President Ali noted.
The head of state called on the banks to recognise the government’s effort to reduce the risks associated with agriculture.
This, he said, must be reflected by the reduction of interest rates for agricultural activities.
“We’re challenging the bank now. With this insurance, the risk is reduced, and the cost of lending to our farmers must reduce substantially,” the president stated.
Also delivering remarks at the event was Minister of Agriculture Zulfikar Mustapha, who lauded the fact that Guyana is now the first country in the Caribbean to offer this kind of service to its farmers.
Approximately eight per cent of Guyana’s budget is allocated to investments in agriculture.
This contrasts with the current global average of 1.5%.
Over the years, the People’s Progressive Party/Civic (PPP/C) Administration has invested billions of dollars into the agriculture sector, funding critical areas such as drainage and irrigation, farm-to-market roads, and targeted initiatives like the fertiliser subsidy.
This has resulted in widespread benefits to the farming community. (Department of Public Information)
