Fi­nan­cial Guar­an­tees

The Pres­i­dent of Uzbek­istan has granted the farm­ing en­ter­prises that grow raw cot­ton and grain with a three-year grace pe­riod for pay­ments for debts.

Uzbekistan Today (English) - - REGIONS -

In par­tic­u­lar, farm­ers are ex­empted from pay­ing debts to ser­vic­ing or­ga­ni­za­tions for three years, in­clud­ing in­tra-in­dus­try debt, as well as to the bud­get and state trust funds. In this case, they will be writ­ten off all ac­crued penal­ties and fines.

Shavkat Mirziy­oyev instructed the gov­ern­ment to carry out a full in­ven­tory of the farms’ debts by the end of March and take the nec­es­sary mea­sures to stream­line it.

In ad­di­tion, the au­thor­i­ties de­cided to sub­si­dize the state bud­get for the cost of elec­tric­ity con­sumed by pump­ing units of farms and wa­ter users' as­so­ci­a­tions.

Among other in­no­va­tions in the sphere is the or­ga­ni­za­tion of the State Sup­port Fund for Agri­cul­ture un­der the Min­istry of Fi­nance. It will be es­tab­lished on the ba­sis of the Fund for Tar­geted Fi­nanc­ing of Gov­ern­ment Pro­cure­ment of Agri­cul­tural Prod­ucts and Equip­ment with Agri­cul­tural Tech­nol­ogy.

One of its main tasks is to create a fi­nan­cial cush­ion in the event of a sharp de­cline in world prices for cot­ton fiber. A spe­cial in­surance ac­count will be cre­ated for this pur­pose.

There will also be a fi­nan­cial pool for farm­ers. In par­tic­u­lar, funds amount­ing to 150 bil­lion soums are al­lo­cated in the Agrobank, which will be used to as­sign loans to farms that grow grain in ex­cess of the state pur­chases, at a rate of up to 10% per an­num.

In ad­di­tion, tar­geted funds amount­ing to 100 bil­lion soums will be cre­ated in the bud­get of Karakalpak­stan and the re­gions to cover the costs of pest con­trol, as well as the preser­va­tion of the crop in emer­gency sit­u­a­tions.

The Pres­i­dent also ex­empted from cus­toms pay­ments – through to 1 Jan­uary 2021 – phos­phate fer­til­iz­ers im­ported by busi­ness en­ti­ties, in­clud­ing agri­cul­tural pro­duc­ers, as well as phos­pho­rite raw ma­te­ri­als im­ported for the pro­duc­tion of phos­phate fer­til­iz­ers.

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