Thailand
Cambodia: $10 million more for rice procurement announced
The Agricultural and Rural Development Bank (ARDB) has announced an additional $10 million fund for rice procurement in Cambodia, a release said.
To promote the purchase of rice from farmers and help stabilise the price, the government had set up $83 million rice procurement fund, according to the ARDB press release. The additional ARDB fund will take the total to $93 million.
The ARDB fund will support rice mills and processing companies to buy the commodity from farmers at reasonable prices, and avoid buying at discounts from some traders.
Recently, the price of rice fluctuated in some provinces, especially Battambang and Banteay Meanchey Provinces.
Due to an extended harvest season and high yields, millers are finding it difficult to procure all the rice, which is affecting the prices compared to the beginning of the season.
The ARDB has urged farmers in rice-harvested areas to coordinate with local mills to avoid simultaneous harvesting, which could lead to a reduction in prices.
Chan Seyha, Deputy CEO of ARDB, told Khmer Times, while farmers got high rice yields in the rainy season, rice mill owners lack funds to buy rice from farmers.
Due to this, the Cambodian government through the ARDB decided to provide an additional $10 million to help rice mill owners facing fund shortages.
The government has also been supporting millers to keep rice prices at 1,040 riels per kilogram.
Saran Song, CEO of Amru Rice Cambodia, said, “I would like to thank the ARDB for providing special loans to help millers buy rice from farmers. Rice millers in provinces like Kampong Thom, Kampong Cham, Prey Veng, Kampong Speu, and Battambang, who participated in the procurement, have been paying 1035 riels per kg for top Rumduol rice, and 970 riels and 920 riels for the second and third category rice, respectively.”
Source: https://www.khmertimeskh.com/501189416/10-million-more-for-rice-procurement-announced/