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Cabinet has regulated State loans granting for grains mortgage purchases
14.08.2008 14:39 "Agro Perspectiva" (Kyiv) —
As to Cabinet Decree № 705 (from Aug 6, 2008), Cabinet has approved procedure of State loans granting to be performed within frameworks of State grains mortgage purchases regime.
As to procedure, loans are to be granted within frameworks of State grains mortgage purchases regime, with purchases to be made by Agrarian Fund from grains producers each year (from current fiscal year Jul 1 until next fiscal year Apr 31) on mortgage conditions within limits of financial means stipulated by State budget (yet not over 80% of mortgage cost calculated on basis of fixed minimal purchase price).
As to Decree, Agrarian Fund should promulgate information on State budget loans in mass media. Grain producer wishing to receive loans should submit to Agrarian Fund (or Fund regional department) application with relevant documents.
Decision to grant loan is adopted on condition if State budget has corresponding financial means. Decision should include names/locations of certified grain warehouses and warehouses records or certificates issued to prove grains mortgage registration.
Decree stipulates loan borrower should ship grains to certified grain warehouse, make credit agreement with Agrarian Fund and give to Fund warehouses records or certificates within 5 working days after loan granting report receiving. Credit agreement is to be concluded for the time period agreed by both parties (yet not over 1 marketing year).
Agrarian Fund must assure keeping records of grains received as mortgage due to credit agreement.
Grains mortgage purchases are State-guaranteed grains purchases made from agricultural producers for certain time period at mortgage prices with agrarians having right to reclaim mortgaged grains.
As to Decree, grains mortgage purchases mechanism may be implemented in case when agrarians are in need of financial means to manage business, but aren’t satisfied with grains current market prices. In this case agrarians can perform grains mortgage sales to State, having right to reclaim grains within time period fixed by credit agreement.
In case if market grains prices grow up, agricultural producer can reclaim mortgaged grains from State and resell it at higher prices. In this case agricultural producer should give back to State earlier received mortgage money amount and pay grains storage expenditures.
This year Jul Ministry of Agrarian Policy initiated grains mortgage purchases to be made by Agrarian Fund within 2008/09 MY.
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