It is time for farmers to stop believing in state support

Once again, farmers have been burnt by believing in the government's interest rate subsidy program on loans and leasing, World of NAN reports. 

Farmers have taken market loans but have not received interest rate subsidy and are forced to go into debt. The National Chamber of Entrepreneurs confirmed that the issue of subsidy payment has not been resolved for months.

“The constant lack of funds to finance the subsidized part leads to the insolvency of the borrower, to an increase in the cost of the loan product and to the need for the borrower to have free working capital to repay the full interest rate until the funds are allocated from the budget. At the same time, if the borrower becomes overdue on payments for more than 90 days, the borrower ceases to be a participant of the Subsidy Program at all,” said Yerken Nauryzbekov, director of the department of agricultural sector of Atameken.

In the current year under this program, the issue of underfunding is particularly acute, as in 2023, the obligations of state agencies to reduce the interest rate were not fulfilled in full. According to operational data, the additional need for the current year is more than 100 billion tenge. The funds allocated for 2024 have already been utilized. And if the issue of allocation of additional funds is not resolved in the near future, the agrarians will have to pay at a commercial rate during the sowing season.

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