(Kaieteur News) – Rice farmers across Guyana will begin receiving subsidies next week, the Ministry of Agriculture announced on Monday.

The initiative is in keeping with a commitment made by President Irfaan Ali in April of this year, and forms part of the government’s efforts to offer continued support of the rice industry, considering the increasing global challenges which are affecting markets and production in the agricultural sector.

“Following consultations with farmers, it was agreed that the assistance would be provided through direct cash transfers. Rice farmers cultivating 50 acres or less will receive $15,000 per acre, while those cultivating more than 50 acres will receive $10,000 per acre,” the statement reminded.