Business asks the Ministry of Agriculture not to raise interest rates on loans to farmers

President of the Russian Union of Industrialists and Entrepreneurs (RSPP) Alexander Shokhin on July 5 turned to the Minister of Agriculture Dmitry Patrushev with a request not to raise the rates of preferential short-term and investment loans. A copy of the document is at the disposal of Vedomosti. The RSPP, as well as one of the companies that are members of the union, confirmed the shipment. The Ministry of Agriculture did not respond to a question about receiving the appeal.

Currently, preferential short-term and investment loans are provided to crop, poultry and livestock companies at 5%. But on June 19, the Ministry of Agriculture posted on regulation.gov.ru a draft resolution providing for an increase in the rate to 7% from January 1, 2024. The conditions for subsidizing banks are also changing: if now the ministry compensates 70–100% of the key rate, depending on the type of loan, then from 2024, it is proposed to reimburse only 50% for investment loans, and 70% for short-term loans.