An interim board of directors has been appointed to assist with the refinement and implementation of MeatCo's strategies.

In a media statement, the Ministry of Finance and Public Enterprises said the board is at an advanced stage of developing an operational turnaround strategy, which is expected to be finalised before the end of this calendar year.

The appointment of the MeatCo interim board was one of the Cabinet resolutions regarding the future of the corporation, which has taken medium- and long-term strategies.

The Ministry of Finance and Public Enterprises stated that the government is committed to supporting MeatCo in overcoming its financial difficulties and ensuring that all outstanding payments to cattle producers are settled in due course.

It says the government and MeatCo value the crucial role that producers play in sustaining the corporation's operations and the whole beef value chain as well as its dedication to ensuring that the entity meets its obligation to its creditors.

In this regard, the interim board had already held engagements with stakeholders including farmers' unions.