Russian government allocates another 7 bln rubles towards soft loans and subsidies for agricultural sector

MOSCOW. May 26 (Interfax) - The Russian government has allocated an additional 7 billion rubles from its reserve fund for the agricultural sector.

The relevant decree was signed on May 25 and posted on the official legal information website.

Of those funds, 3 billion rubles have been earmarked for soft lending to farmers. This will make it possible to raise at least 45 new concessional loans totaling at least 49.5 billion rubles, the decree indicates.

Apart from that, 4 billion rubles are allocated towards compensation of a portion of expenses for transportation of agricultural and good products. It is envisaged that this will help subsidize the shipping of 2.6 million tonnes of goods.

The Agriculture Ministry has been instructed to submit a report on the use of these funds to the government by February 1, 2024.