The Zambian Food Reserve Agency (FRA) has bought the targeted 500 000 tons maize for its strategic national reserves, said Executive Director Chola Kafwabulula.
The announcement came shortly after the agency said it was short of 22 900 tons at the expiry of the buying deadline that lapsed on Tuesday.
The crop marketing season started in June, and the FRA offered to buy at K60 per 50 kg bag of maize. On the more K507 million FRA owed suppliers, Chola said K105 million had been paid to farmers for maize supplied during the recently ended marketing season.
The FRA owed about K300 million to farmers and a further K200 million to transporters.