Government is expected to fork out $20.83 per tonne to meet the guaranteed cane price of $85 per tonne as the forecast price for a tonne of sugar for the 2020 Crushing Season is expected to be $64.17.
Minister for Economy Aiyaz Sayed-Khaiyum had announced in the 2019-2020 National Budget that to further support Fijian cane farmers, Government will provide a guaranteed price of $85 per tonne for the next two years, ensuring continued confidence and peace of mind in the industry.
Meanwhile, as the 2020, cane crushing is underway, the three mills crushed 182,545 tonnes of cane as at 13th July 2020.
This is an increase when compared to the the 137,446 tonnes crushed for the same period last year.
FSC CEO, Graham Clarke had earlier highlighted that they expect to get close to $200 million revenue from the sale of sugar and molasses for the 2020/2021 season.
Clarke says they expect to receive close to $150 million from the overseas market.
Minister for Economy, Aiyaz Sayed-Khaiyum will deliver the 2020/2021 National Budget address at 7.30 tonight.
Stay with us for coverage on how the budget announcement will affect you. Find out which taxes and duties will go up or down and how it affects your pocket, and how the government will allocate money to provide services to the people of Fiji in the new financial year. You can also follow live coverage of the speech, live updates, detailed analysis and budget responses on our website, fijivillage tonight.
