The Guyana Rice Development Board has announced that rice millers across the country who supplied rice shipments to Panama back in September and October, have been paid in full. Rice farmers are now expected to benefit from the early payments.
GRDB’s Acting General Manager Nizam Hassan explained on Saturday that “this is the payment that Guyana has received from Panama for its supply of almost 7,500 tonnes of rice. Over $660M has been paid out. All millers have been paid in full.”
In a statement from the GRDB, it noted that the payment was made on the second contract for rice supplied to Panama between September and October 2015.
“With payment arriving in such a short time, GRDB is confident that this can be seen as a start to the potential end of lengthy waiting periods for rice payments, by farmers”, the release said.
The GRDB Acting General Manager also noted that with the millers receiving their full payments, it is now expected that the farmers will be paid by the millers.
Guyana has been looking to secure new markets for rice ever since Venezuela shut down the PetroCaribe rice deal in wake of the border controversy.
The government has been meeting with other governments to secure long term contracts. The rice industry continues to perform well in terms of production, despite the challenges.