The Cabinet of Ministers of Ukraine has decided to introduce an emergency package of support measures for Ukrainian farmers in connection with Russian terrorism in the Black Sea and the blocking of export routes by expanding the 5-7-9% preferential lending program, announced Prime Minister Serhiy Koretsky.
"We are amending the 5-7-9% program so that farmers can obtain preferential loans to replenish their working capital. The state will compensate for the difference in interest rates. The total volume of lending opportunities under this program is up to UAH 80 billion," Koretsky wrote on Telegram on Thursday evening.
According to him, this will help farmers purchase everything they need for field work, maintain production, and ensure stable exports of Ukrainian products.
"We are simultaneously working with the European Commission to attract additional support to expand this program. Additional practical decisions to support farmers will also be adopted in the near future," Koretsky announced.
As reported, in late July, the All-Ukrainian Agrarian Council (AUAC) proposed that the government conduct an audit of damage to port infrastructure in Greater Odesa and the Danube ports, identify priority areas for restoration, and provide funding for the repair and modernization of transshipment facilities. The AUAC sent relevant proposals for supporting the agricultural sector amid the challenges of maritime logistics and the operation of Black Sea ports directly to Koretsky.
The association also proposed introducing preferential lending to replenish working capital ahead of the autumn sowing campaign, restructuring existing agricultural loans, expanding state loan guarantees, and revising certain terms of the state 5-7-9% program.
