Panama President Martin Torrijos has announced several measures that aim to lower food prices in the country, particularly for rice. The government has announced that they will purchase 100% of the rice harvest in Panam21a this year, and sell it back to consumers at a fair price below market value. In addition to subsidizing rice, the government is also increasing the amount of land allotted to grow rice, corn, and beans, as well as reduce tariffs on exports for several of these crops.
These agricultural reforms came as a response to the rising cost of living and after food prices in Panama increased by 15% over the past 12 months. Despite unrest, Torrijos claims that there is no food crisis in Panama, and remained confident that the increase in production, subsidies, and decreased tariffs will help to curb the inflating food prices in Panama.
Sources:
Panama govt to buy all local rice, keep prices low (Reuters.com)
Panama announces farming protection measures to tackle food crisis (Hindu.com)
