Aug 21, 2008 News Comments Off on End to subsidy for bakeries imminent
…as flour prices decrease
Subsidy for bakeries will stop at the end of the month since there has been a reduction in the price of flour on the world market.
Yesterday, President Bharrat Jagdeo said that the price of wheat on the world market has fallen and as such the flour price has also decreased.
On May 7 last, President Jagdeo had announced that an approval temporary transitional measure had been granted to cushion the impact of increased flour prices on the most vulnerable sections of the society.
This was done to provide financial support to ensure that the price of flour sold by National Milling Company (Guyana) Incorporated (NAMILCO) to established bakeries would not be subjected to price increases.
Flour to 22 bakeries was subsidized.
The Head of State’s announcement was made just one day after the flour company had indicated that it would increase its prices by some 25 percent.
Bread, pastries and biscuits did not attract higher prices over the past four months as the impact was borne by the administration.
At the same time, all public servants received a temporary cost of living adjustment to their salaries along with a five percent increase, which was approved earlier this year.
The initiatives cost some $200M.
In addition, 200,000 packages of 1kg flour were purchased by government and were sold to ‘vulnerable groups’ at the market price.
The flour was distributed by the New Guyana Marketing Corporation.
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