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WESTERN BUREAU:

The Ministry of Agriculture has established a $40-million fund to assist farmers in offloading excess agricultural produce when a glut is experienced in the market.

In making the announcement, Agriculture Minister Dr Christopher Tufton explained that the ministry has provided a pool of funds at a relatively concessionary rate of interest.

This, he said, will allow persons - primarily agricultural processors - who purchase goods from farm gates to borrow money to buy the excess produce from the growers.

"They will be able to borrow money on a short-term basis to stock up and preserve primary products," Dr Tufton said during a farmers' forum hosted by the Rural Agricultural Development Authority at the Little Ochie Seafood Complex in Alligator Pond, St Elizabeth, last Thursday.

"Where they don't have the liquidity, the glut management fund allows them to borrow at a concessionary rate, which is important for us because it will reduce waste when you have an excess supply."

The minister pointed out that the agricultural sector has always struggled with the issue of storage of primary produce. He said that with agri-processors purchasing the excess produce, they could store them in refrigerated containers for future use.