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Credit holidays for farmers

The Government of the Russian Federation has approved a resolution on credit holidays for farmers and prolongation of the terms of preferential credit agreements (Resolution No. 280 of March 3, 2022) The signed document amended Government Resolution No. 1528 of December 29, 2016. Agricultural producers have received the right to a six-month deferral of payments […]

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Credit holidays for farmers

The Government of the Russian Federation has approved a resolution on credit holidays for farmers and prolongation of the terms of preferential credit agreements (Resolution No. 280 of March 3, 2022)

The signed document amended Government Resolution No. 1528 of December 29, 2016.

Agricultural producers have received the right to a six-month deferral of payments on preferential investment loans, the term of contracts for which expires in 2022. This resolution was signed by Prime Minister Mikhail Mishustin.

We are talking about payments that fall on the period from March 1 to May 31, 2022. With a positive decision of the bank to grant credit holidays, the deferral on such payments can reach six months.

For short-term concessional loans, the term of the contracts for which also expires in 2022, it is possible to extend the loan term for another year. Thus, agricultural producers will be able to reduce the amount of monthly payments and reduce the credit burden.

A number of changes are aimed at supporting banks participating in the preferential lending program. The amount of the subsidized rate on short-term loans issued has now been increased to 100% of the Central Bank’s key rate. Previously, this figure was 80%.

Despite the increase in the Central Bank’s key rate, the preferential rate for borrowers will remain the same – up to 5% per annum. New loans will also be issued on these terms.

The preferential loan program for farmers was launched in 2017. Within its framework, agricultural producers can take out a short-term or investment loan at a rate of up to 5% for the development of crop production and animal husbandry, as well as for the construction, reconstruction or modernization of agricultural raw materials processing enterprises. A preferential short-term loan is issued for a period of up to 1 year, an investment loan – from 2 to 15 years.

Draft Resolution of March 3, 2022


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