DEXIA Revolving Fund ensures timely compensation for farmers, says finance minister

DEXIA’s Revolving Fund implemented in 2023, has enabled DEXIA to reliably meet its commitments to farmers and provide a credit facility to hucksters to facilitate increased production and exports. This is according to Minister of Finance Hon. Dr. Irving McIntyre’s reports during the 2024 – 2025 National Budget Presentation in parliament.

During the period June 2023 to June 2024, $1,656,752.40 was drawn down from the facility, McIntyre explained, adding that this facility has restored farmers’ confidence in the agricultural sector through a guaranteed market for their produce.

He said further that this facility has enabled farmers to receive payments from goods purchased by Dexia within a 48-hour window after purchase.

According to Dr McIntyre, this year DEXIA will begin securing contracts for the consistent supply of produce. DEXIA has also upheld the government’s commitment to support import substitution by assuring white potato farmers a confirmed, hassle-free market for their produce. Also, the government has secured markets for a variety of crops, in
particular, plantains, dasheen, and passionfruit.

He revealed that the government has engaged a consultant, whose main responsibility is to find markets for Dominica’s produce. Therefore, it is envisaged that by the end of the fiscal year, additional opportunities will be secured.

Meantime, in livestock production, the immediate goals are to reduce Dominica’s poultry and meat imports by 30-40 percent, increase exports of fresh animal products, and achieve protein security by 2030.

“In the past year, we expended $5 million to subsidize materials and labour for 170 beneficiaries to construct livestock structures. Ninety-three (93) of these structures have been completed. We also completed the rehabilitation of the Central Livestock Farm. Over the next two years, the Government will implement the Sheep and Goat Development Programme with investments in artificial insemination, embryo transfer, silvopasture, pelletizing feeds, pasture improvement, and fencing,” he said.

There are also plans to expand broiler production with key investments such as the reconstruction of the abattoir at a cost of $6.5 million, construction of an animal feed mill, and development of local hatcheries. These investments are expected to increase livestock production thereby decreasing the national importation of meat.

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2 Comments

  1. July 31, 2024

    1$ a pound of Dashing and 80cents a pound of plantain is high way robbery it is hard work to work as a farmer Dexter can do better

  2. Ibo France
    July 31, 2024

    After listening to some brief excerpts from Dr. McIntyre is budget presentation, I asked myself this – Who is the bigger liar, the doctor or the illegal occupant of the OPM? I had to call it a tie/draw. The student is now just as good as the teacher.

    We have to eat to live. Therefore, it is imperative the a government makes food security and affordability its #1 priority. Farmers are crying foul about the awful state of the feeder roads, the high cost of fertilisers, the lack of storage facilities, spoilage a huge , problem, etc.

    It is my conviction that Dominica can achieve full food security. There are fertile soil, an abundance of water, year round sunshine, all the farmers need to be successful. The present dictatorship is the main stumbling block to achieving food surety.

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