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BUSINESS

Govt allocates RM550 million palm oil replanting loan fund for smallholders

11/10/2019 07:45 PM

KUALA LUMPUR,  Oct 11 -- The government will allocate RM550 million palm oil replanting loan fund for smallholders which is collateral-free at an interest rate of 2.0 per cent per annum,with a tenure of 12 years including a four year moratorium on repayment.

Finance Minister Lim Guan Eng said the replanting would be undertaken using the latest seedlings and also in compliance with Malaysian Sustainable Palm Oil (MSPO) standards to ensure better productivity and marketability.

“The government is concerned by the impact of low commodity prices on the livelihoods of Malaysians in this sector, particular the smallholders.

“At the same time we are disappointed and unhappy with the staged efforts aimed at curtailing market access for our palm oil exports by the European Union (EU) and the United States,” he said when tabling the 2020 Budget at Parliament here today. 

Hence, Lim said an allocation of RM27 million to support the Malaysian Palm Oil Board’s (MPOB) efforts to market palm oil internationally and counter anti-palm oil campaigns.

He added the sector would also be enhanced via the implementation of biodiesel, with the B20 biodiesel for the transportation sector to be implemented by the end of 2020.

“This is expected to increase palm oil demand by 500,000 tonnes per annum,” he added.

On rubber sector, Lim said RM200 million for Bantuan Musim Tengkujuh would be allocated to eligible rubber smallholders under RISDA and Lembaga Industri Getah Sabah (LIGS) and RM100 million for Rubber Production Incentive in 2020 to enhance the income of smallholders faced with low rubber prices. 

-- BERNAMA


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