Russian govt to allocate additional 30 bln rubles for preferential loans for agro-industrial complex

MOSCOW. Nov 7 (Interfax) - The Russian government will allocate an additional 30 billion rubles to subsidize the preferential lending program for farmers, Prime Minister Mikhail Mishustin said at a government meeting on Thursday.

"To ensure the sustainability of agricultural producers, the government will allocate an additional 30 billion rubles to pay off the obligations assumed on previously issued loans. This will make it possible to finance at least 50 thousand loans already received by farmers," he said.

The head of government recalled that farmers receive subsidies for a number of loan programs, which makes loans available at a preferential rate for long-term investment projects and for a short term. He emphasized the importance of maintaining such opportunities for the agro-industrial complex.

"We expect that this decision will help maintain the profitability of both specific farms and the entire industry as a whole. It is extremely important to ensure the development of domestic production in accordance with needs," said the head of government. He instructed the Ministry of Agriculture to develop systemic measures to increase the supply of agricultural products.