Economy February 17, 2021 | 11:37 am

Suppliers warn the Gov.: subsidize or face soaring rice prices

Santo Domingo.- The Dominican Federation of Provisions Retailers (Fedepro) and the Business Front of Retail Merchants (Fremco) warned Wednesday that if the Government doesn’t subsidize the agro sector the price of a pound of rice could soar to RD$40 (US$ 90 cents).

“If Dominican agricultural articles are not subsidized, we may see a pound of rice cost RD$40 in the Dominican Republic (…) When in 2008 the price of rice was subsidized, which was around RD$20, it began to be sold at RD$12 and the trade complied with offering rice at that price, but it was subsidized at that time,” said the president of Fremco, Agustín Peñaló in a press conference.

In addition, the representatives asked president, Luis Abinader, and the Minister of Agriculture, Limber Curz, to create a zero-rate loan fund through Banreservas to support the national retail trade.