KUALA LUMPUR – The government is allocating a total of RM2.6 billion in subsidies and incentives for farmers and fishermen in Budget 2024.
Prime Minister Datuk Seri Anwar Ibrahim, who is also finance minister, said the increase of RM600 million from the previous year was in line with the government’s decision to increase the Rice Price Subsidy Scheme’s rate from RM360 to RM500 per metric tonne.
The government will also increase the floor price of paddy purchases to RM1,300 per metric tonne, from RM1,200 since 2014, to help increase the income of farmers.
He said RM50 million will be allocated to the Agricultural Disaster Fund to compensate up to 50% of losses due to disasters, while another RM50 million will be set aside as start-up funds under the Rice Crop Takaful Scheme that will benefit over 240,000 farmers.
“The government will protect farmers, livestock farmers, and fishermen, facing disasters that destroy their crops and livestock,” he said when tabling the Budget 2024 in Dewan Rakyat this afternoon.
He said next year, RM400mil will also be allocated to implement the Food Security Strengthening Programme, whose main focus is to boost the production of local food crops that are still dependent on foreign imports.
To support agricultural product extension capacity increase, as well as the competitiveness of young “agropreneurs”, Anwar said Agrobank will provide up to RM430mil in loan facilities to agro-food entrepreneurs. – October 13, 2023