By Belize Live News Staff: Belize’s sugar industry is set to receive a record third and final payment of BZ$90.95 per ton for the 2023-2024 crop season, marking the highest payout ever for farmers. The payment, scheduled for November 4th, comes as global sugar prices reach favorable levels, benefitting local farmers significantly.
Shawn Chavarria, Director of Finance at ASR/BSI, highlighted that this payment couldn’t come at a better time, especially as the industry contends with fusarium, a disease affecting sugarcane growth. “This is one of the highest payments farmers have received, and it’s a good day for them,” Chavarria said, expressing hope that farmers will reinvest in their fields, focusing on disease management and replanting.
In addition to strong market prices, Belize’s sugar sector will benefit from grants like the US$25 million from the Green Climate Fund and support from CRISAP and the World Bank, aimed at boosting industry sustainability and competitiveness. With these combined resources, Chavarria remains optimistic about the industry’s growth as it heads into the 2025 season.
