AFC waives interest on farmers' loans
SEE ALSO :No party for tea farmers in bonus payoutThe wheat, barley and livestock farmers under the Lanterera Co-operative Society have been seeking a waiver for the loans that have been accumulating since 2006. In a memorandum presented on their behalf by their secretary, Samuel ole Kimelok, the farmers cited a tremendous change in weather patterns, including prolonged rains, that affected 90 per cent of their crop. Bett however said the board could not grant a loans waiver and encouraged the farmers to continue repaying what they owed. "We do acknowledge weather and market challenges. I will also need a report on the farmers' loan details so that we can present it to the relevant ministry," he said. He said the default rate in AFC ranges between 49 and 56 per cent.
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