Govt failed to raise $500 million for Command Agriculture due to exorbitant interest rates: Minister Made

Minister of Agriculture Joseph Made revealed that the government was unable to raise the planned $500 million for Command Agriculture due to the exorbitant interest rates charged by local financial institutions. Speaking to the national assembly, Made said:

Five-hundred million (dollars) was the target. As we moved into the programme, various offers were made towards that $500 million.
However, the bottom line was that there was a certain interest rate that was acceptable for us in order to pass that onto the farmers.

As you know, farmers are primary producers, they are price takers and if we had taken money that was expensive, we would have crippled the farmers. So, at the end of the day, the percentage that was accepted was 6% and below. This is the limitation that limited us (sic) from taking the $500 million that was offered

Made said the government was going to plan better next year:

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