Breakthrough in sugar dilemma; cane farmers receive their 3rd payment

Just before six this evening the government announced a breakthrough in the sugar dilemma and that is that the Belize Sugar Industries has received waivers from both the ING and FirstCaribbean International Banks. It means that the ten million dollar bailout loan approved by the House on November twenty-fourth for BSI can now be drawn down and farmers will be able to receive the long overdue third payments. The loan also covers working capital for the new crop season. According to the release, “government has made arrangements to release a first disbursement of three point two million dollars to BSI for value tomorrow, Tuesday seventh December for on-ward payment to the cane farmers. It is expected that the remainder of the loan will be disbursed in phases over the next two weeks.”

Meanwhile, the chairman of the BSCFA’s Committee of Management, Alfredo Ortega, says the distribution of the million dollar grant began today at the Corozal and Orange Walk branches. According to Ortega, the farmers will receive ninety-four cents per ton for deliveries made in the last crop. Ortega and Jose Mai will be guests on Open Your Eyes on Tuesday morning.