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S. KOREA TO SPEND RECORD US$2.56 BLN ON STRUGGLING RICE FARMERS.
SEOUL, Oct 2 Asia Pulse - The government on Monday said it plans to allocate a record 2.42 trillion won (US$2.56 billion) to help sustain the earning levels of rice farmers coping with the local market's gradual opening to cheaper imports.
The figure marks the first time that direct payment for rice farmers, which includes fixed direct payment and variable direct payment, exceeded 2 trillion won, the Ministry of Agriculture and Forestry said.
This amount is also the equivalent of 20 per cent of the 12.13 trillion won being requested by the government for the 2007 agriculture budget, and reflects a 24.0 per cent gain from the 1.94 trillion won allocated for this year.
The direct payment system, which replaced the decades-old autumn grain purchase by the government, aims to stabilize the earning levels of rice-farming households ...
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Source: HighBeam Research, S. KOREA TO SPEND RECORD US$2.56 BLN ON STRUGGLING RICE FARMERS.