Amid low world prices, because of which farmers have to fight for survival, Colombia will provide farmers with coffee, as well as additional subsidies of $ 32 million and assistance in replacing trees, said President Ivan Duke Marquez.

Coffee prices in the New York market in 2019 so far do not exceed $ 1 per pound, since production exceeds the demand in the world market.

The presidential administration had previously promised to spend 155.5 billion pesos (about US $ 50 million) to help manufacturers, but last week the Federation of Coffee Producers said that this amount was not enough for 540,000 families who earn their living from coffee.

About 38 billion pesos of the additional funds will be spent on efforts to replace trees, and 60 billion will go on subsidies, the country's president said.

The government agreed to provide subsidies of up to 30,000 pesos for 125 kg (275 pounds) of coffee shipment if the domestic price drops below 715,000 pesos for shipment. Friday's domestic delivery price was 660,000 pesos.

Earlier, the Federation of Coffee Manufacturers said it would discuss a possible connection with the New York reference price with other high-quality Arabica producers and buyers, seeking to sell coffee in excess of production costs. But exporters and importers argue that such a move could lead to buyers looking for other manufacturers.

According to President Duque, Colombia will insist that coffee prices be discussed at the UN General Assembly in September.