2024 Budget: Government allocates RM100 million incentives for Palm Oil replanting programme
13/10/2023 (New Straits Times), Kuala Lumpur - The government will provide incentives for the Palm Oil Replanting Programme with an allocation of RM100 million to mitigate potential productivity issues in the production of fresh fruit bunches.
Prime Minister Datuk Seri Anwar Ibrahim said these incentives would be offered in the form of grants and loans to 7,000 private palm oil smallholders.
"By 2027, the area of mature oil palm, which is over 25 years-old, is expected to reach over 560,000 hectares and this will affect the productivity of fresh fruit bunches with a loss of up to RM7 billion per year," he said at the tabling of the 2024 Budget at Dewan Rakyat today (October 13).
He said in an effort to sustain the nation's palm oil industry, the government is allocating RM70 million to enhance the industry's sustainability and intensify the campaign to address anti-palm oil sentiments on the international stage. – Bernama
Keywords: Anwar Ibrahim, Budget 2024, Dewan Rakyat, Palm Oil Replanting Programme, productivity