Panama's banana planting needs $50 mln to overcome crisis

(news.xinhuanet.com) Panama needs about 50 million U.S. dollars to recover its banana production, authorities said on Wednesday.

    Roberto Santamaria, director of the National Banana Department of the Panamanian Farming Development Ministry (Mida), told local daily "Panama America" that about 15 to 20 million dollars were needed to be invested in rescuing Coosemupar (Cooperative of banana producers in Puerto Armuelles-Panama), which is currently in financial crisis.

    Santamaria said that the crisis in Panama's banana planting was reflected by the reduction of its production, which has dropped from 2008's 18 million boxes to 12 million.

    According to Mida, five years ago, Panama produced about 43 million boxes of bananas a year, with 2,700 boxes per hectare, but currently it only produces about 1,600 boxes.

    Producers blamed the production drop on the deficient policies applied by the previous governments and the low prices of bananas at the international markets.

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Original Source: http://news.xinhuanet.com/english/2009-10/15/content_12237414.htm
Date Retrieved: October 15, 2009