Farmers still have 10 days to demand suspension of payment obligations for debts accumulated until September 19 – the Agriculture Ministry
The Agriculture Ministry reminded that all farmers who have outstanding debts to banks, resource suppliers, credit companies or tax payments have the opportunity to submit the necessary applications for suspension of payments. The deadline for submitting applications is October 19. The debtor shall notify creditors of the case of damage to agricultural crops and refer to the current financial situation. According to the previously adopted Law on some measures to support farmers in connection with the drought in 2024, agricultural producers who have credit, loan, leasing, contracts for the purchase and sale of agricultural inputs or debts for the payment of taxes and penalties for late payments can benefit from an automatic suspension for 6 months of obligations to pay outstanding debts accumulated before the entry into force of the law. The provisions of the legislation apply to borrowers who have received loans/borrowings, leased property, or funds used for agricultural operations under contracts entered into between September 1, 2023 and September 1, 2024; not 60% of agricultural crops which were affected by soil and atmospheric drought in 2024, but the affected cultivated area of at least 50%. Lenders must review and approve farmers' requests for suspension of payment obligations within 30 calendar days of receipt. “This law supports farmers facing economic hardship due to exceptional natural situations in 2024, giving them a break to manage their financial resources and focus on restoring their farming operations,” said the Ministry of Agriculture. // 09.10.2024 – InfoMarket
