By Staff Reporter
Following treasury’s disbursement of ZW$500 million, the Cotton company of Zimbabwe, COTTCO has begun the process of settling outstanding dues to farmers for last year’s cropping season.
The cotton company’s managing director Pius Manamike however said the total amount owed to farmers is ZW$1.5 billion for the 2021 season, adding that treasury has pledged to release ZW$500 million weekly to settle the outstanding payments.
“We have started paying the farmers their subsidies for the 2021 marketing season. As we speak, we owe the farmers ZW$1,5 billion. We got ZW$500 million from Treasury.”
With the Ministry of Finance and Economic Development working to improve payment systems, the Government has introduced a dual payment system for the convenience of cotton farmers.
The dual payment system will see them receive payment of their crop in United States dollars as well as Zimbabwean dollars.