The Ministry for Development of Economy, Trade, and Agriculture of Ukraine has approved the transfer of UAH 47 million in compensation to agricultural producers for the purchase of domestic machinery and equipment.
That's according to Deputy Minister Taras Vysotsky, who took to Facebook to report the news.
He noted that the Treasury had already received paperwork to secure relevant payments.
Read alsoUkrainian farmers to receive compensation for lost crops over drought – economy ministry
The relevant application forms for compensation seekers have been registered with the justice ministry.
Funds distribution
- The Ministry for Development of Economy, Trade, and Agriculture on August 3 approved allocation of UAH 124.9 million for compensations to agricultural businesses for interest paid on loans for January-June 2020.
- In June, the ministry approved a new allocation worth UAH 104.5 million to domestic agricultural producers who have purchased Ukraine-made machinery and equipment in December 2019 and January-May 2020.
- In February 2020, the Cabinet of Ministers created a Partial Loan Guarantee Fund in Agriculture, which was supposed to simplify for smaller farmers with no credit history the procedure for obtaining loans
- On January 30, 2020, deputy economy minister Taras Vysotsky said that the state program to reduce the cost of loans for farmers in 2020 with a budget of UAH 1.2 billion will work in three directions, one of which will be compensation of interest on loans for farmland acquisition.
- In November 2019, economy minister Tymofiy Mylovanov announced that Ukrainians would be able to take hryvnia loans for the farmland purchase at 3-5% after land market legislation is adopted.