Panama: Government Promises to Buy Agricultural Production

Besides buying red beans, black beans and rice, agreements have been made for the regulation of imports, seeking funding for the sector, and production insurance payments.

Friday, April 5, 2013

The agreement reached between producers and the Government of the country, states that the Institute of Agricultural Marketing (IMA by its initials in Spanish), will buy 50 thousand quintals of red beans at $65 per quintal, and 38,000 quintals of black beans at $45 per quintal.

"... The Agricultural Insurance Institute (ISA) will provide $3.2 million for insurance payments for three years and $6 million for the Fund for Competitiveness", reported Prensa.com.

Oscar Osorio, Minister of Agriculture, said that rice production will be purchased later. He further explained that regarding the mechanism to proceed with the purchase, a committee was formed, as well as a rice purchase program at national level between the IMA and the Agricultural Development Bank, for the financing part.

Regarding imports, the minister said that they will continue, but as long as they do not affect local production.

The president of the Rice Growers Association of Chiriqui, Gabriel Arauz, said exports are affecting the marketing of domestic products, therefore they expect the government to fulfil its commitment to take action.

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