$1.1b focus on agriculture for 2021

GOVERNMENT PLANS TO focus on agriculture and bolstering food security next year.

So said Finance Minister Colm Imbert, as he announced a $1.198 billion allocation to agriculture during the 2020/2021 budget read in Parliament on Monday.

Imbert said the allocation did not include a $500 million agricultural stimulus package which is expected to be established and funded in 2021.

He said the budget allocation and the package would account for a 70 per cent increase in allocations for the industry.

Imbert noted the minuscule contribution the sector made, accounting for one per cent or lessof the nation’s GDP. The chief reason for the low contribution, he said, was a hesitance to renew state land leases, and the fact that it was near impossible to be granted a new lease for agricultural land, two issues that have persisted for decades.

“Even with numerous incentives and the availability of cheap state lands for development, farmers have been unable to overcome consistently the structural impediments inherent in the agricultural sector.”

Imbert noted that revenue from oil and gas was able to support food security by allowing the country to import over $4 billion in food. But with sinking oil prices and the shocks of the covid19 pandemic, TT can no longer afford such a high food import bill.

To counteract this, Imbert proposed several incentives, initiatives and strategies to enhance the industry and reduce the food import bill.

These include a guarantee that the State would buy local for state-funded initiatives such as the School Feeding Programme and the provision of meals for public hospitals and the protective services; training and technical support for farmers to ensure international standards are maintained; and making local food more attractive.

“Adequate quality seed would be secured. The use of alternative feedstock will be encouraged and land issues will be addressed to accelerate land tenure and access to idle state lands,” Imbert said.

Last year, the budget allocation for agriculture was $0.708 billion.