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The government has allocated a stimulus package of Vt 300 million to assist families in the northern islands of Vanuatu that depend on copra and cocoa for their livelihoods.
The farmers and their families suffered extensive losses after Tropical Cyclone Harold wreaked havoc in the northern parts of the country in April.
Their problems were further exacerbated by the global coronavirus pandemic, which has affected the local economy.
The subsidy was originally intended to support kava however produce is self-regulated by the market's supply and demand.
The Ministry of Trade is the implementing authority and the Ministry of Finance and Economic Management remains the responsible ministry for the allocation of funds as approved by the Council of Ministers a few weeks after the passage of TC Harold on 6 April 2020.
The Department of Bureau of Standards (VBS) within the ministry of Trade is tasked to act as the now winded-up Vanuatu Commodities Marketing Board (VCMB) and it will be responsible to liaise with the copra and cocoa agents to implement the subsidy as well as the audit of the spending of the farmers commodities subsidy funds.
The Government will also allocate Vt 78 million to buy new copra hot air dryers and distribute the equipment to farmers.
According to the Government, copra has a better value or premium quality when it is hot air cooked or dried and is paid at Vt 45 000 per ton.
The subsidized copra and cocoa prize will be determined by the Vanuatu Bureau of Standards in collaboration with the buyers and agents. And it will be accessible to farmers as soon as all formalities are completed in a few days.
Prime Minister Bob Loughman also announced in his Independence celebration speech that the Government will be restructuring the Vanuatu Agriculture Development Bank (VADB) and Vanuatu Rural Development Bank (VRDB) to help more farmers in the rural communities contribute to the economic recovery and development of this country.
Photo supplied Caption: Copra farmers in Santo
