Ministry of Agrarian Policy urges banks to cut agrarians credits interest rates

02.04.2007 17:13 "Agro Perspectiva" (Kyiv) — Agro Perspective (Kyiv) — Ministry of Agrarian Policy has addressed country banks asking to reduce agrarians credits interest rates in order to enable Ministry to compensate interest rates with State budget finances, reported Yuriy Melnyk, Minister of Agrarian Policy, within all-Ukrainian springtime field works selector meeting. While speaking on meeting, Melnyk admitted most banks understand agricultural producers problems and therefore grant short-term credits at yearly interest rates not exceeding 18% (medium-term — 17%). However, Melnyk made it known some banks had overrated interest rates, granting credits at yearly interest rates 19% and up, — thus making these credits impossible to be covered with program of agrarians credits interest rates partial budgetary compensations. «We have serious request to banks to make a step towards peasants needs,» declared Minister . As to Melnyk, country agricultural companies have already attracted in total UAH2 milliard credit resources. As to Agro Perspective earlier report, as of Mar 23, agricultural companies had attracted UAH1.7 milliard credit resources for springtime field works complex. As to Agro Perspective, as to Cabinet Mar 14 Decree № 446, Cabinet had moderated requirements to agricultural companies which have right to receive bank credits interest rates partial budgetary compensations.

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