Zimbabwe's Tobacco Farmers Receive Early-Delivery Bonus

Source from:  HARARE, 05/29 05/30/2006

Zimbabwe`s Tobacco Industry and Marketing Board (TIMB) said on Thursday that farmers have to date received about 2.6 million U.S. dollars under the 30 percent early delivery bonus scheme. Andrew Matibiri, TIMB technical services executive, said that most farmers, including large-scale growers, were rushing to sell their crop in order to beat the July 31 deadline for payment of early-delivery bonus. "Farmers have to date received 267 billion Zimbabwe dollars ( one U.S. dollars equals about 101,000 Zimbabwe dollars) and well- known large-scale tobacco farmers have joined small holder farmers in delivering tobacco," he said. Meanwhile, tobacco has raked in more than 7.5 million U.S. dollars since sales started with more than 4 million kg of the crop having gone under the hammer. In its weekly update on tobacco sales for the period ending May 17, 2006, the board said tobacco had to date earned the country 7. 56 million U.S. dollars from about 4.5 million kg sold since the opening of the auction floors in April. This is compared to 3.44 million U.S. dollars that had been earned from a total of 3.2 million kg of tobacco sold during the same period last year. Zimbabwe`s tobacco production has declined from a peak of 237 million kg in 2000 to 78 million kg in 2005 due to various factors that include shortages of inputs and drought. Between 55 million and 60 million kg of tobacco are expected to be sold at the floors this year. Enditem