Royal Government Reserves Up to US$50 Million to Address Corn Dropping Price Issue

Senior officials from different ministries and institutions, representatives of private sector and farmers' associations gathered here on Monday to find ways to solve the current dropping prices of corn.

The meeting chaired by H.E. Pan Sorasak, Minister of Commerce, was held after the corn prices dropped from 450 Riel to 360 Riel per kilogramme.

At the meeting, all stakeholders called for an end to the collection of fees on corn exportation, while the Ministry of Commerce will make a report to request to the Head of the Royal Government to reduce the unofficial fees to 100 percent.

After the meeting, H.E. Kao Thach, CEO of the Rural Development Bank, an autonomous public enterprise, said his bank is ready to work with corn farmers.

RDB has some US$27 million to provide loans for the private sector with only 5 to 7 percent interest rate annually, added H.E. Kao Thach, underlining that this loan package may increase up to US$50 million.

Last year, Cambodia exported a total of 100,000 tons of corn, worth US$14 million.

Source: Agency Kampuchea Press