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In particular, UAH 4.4 billion (US$177 million) is proposed to be provided for reducing the cost of loans for land purchases.
The Committee on Agricultural and Land Policy of the Verkhovna Rada, Ukraine's parliament, has backed the amendments developed by the relevant subcommittee to the draft national budget for 2020, which envisage the allocation of at least 1% of GDP, or UAH 8.4 billion (US$338.3 million), in aid to the agricultural sector next year.
"The Committee expects that the government assistance for the agricultural industry will total UAH 8.4 billion, including UAH 4.4 billion [US$177 million], which is planned to be allocated for reducing the cost of loans related to the land purchases," the parliament's press service reported on October 17.
The remaining UAH 4 billion (US$161 million) is proposed to be allocated for various industry programs: UAH 2.5 billion (US$100.7 million) in support for livestock, agro-processing, aquaculture, and fishing; UAH 600 million (US$24.2 million) – for purchases of agricultural machinery; UAH 400 million (US$16.1 million) – for the development of the hop growing industry and establishment of orchards, vineyards, and berry fields; and UAH 100 million (US$4 million) – for partial compensation to farmers for electricity used to irrigate lands, etc.
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The committee is expected to finally consider the proposals to the 2020 national budget relating to the agricultural sector at its next meeting after they have been agreed with the Finance Ministry and the Minister of Economic Development, Trade and Agriculture.
As UNIAN reported earlier, on September 20, the Verkhovna Rada accepted for consideration the government-drafted budget of Ukraine for 2020.
The draft national budget provides for UAH 4.4 billion in aid for the agricultural sector in 2020.
Ukrainian lawmakers are expected to consider the bill in the first reading on Friday, October 18.