The government said it would not pay interest on the loan during the first two years. Farmers on Australia's east coast are suffering from drought for more than three years.
The rest of the drought-affected cows of farmer May McKeown, located on the outskirts of Walgett in northwestern New South Wales, southwestern Australia, can be seen on July 20, 2018.
(Reuters)
Australia will hurt farmers
Drought up to $ 88.8 million
Scott Morrison on Thursday
The government wants to curb the growing discontent of rural voters.
Farmers on the east coast of Australia are battling
Drought condition over 3 years, wither
Agricultural production and leaving on the borders of some cities
Lack of drinking water supply.
As the conservative government's anger grew
A traditional voter base, Morrison provided new financial support.
Including temporary interest-free loan
Farmers to stop bankruptcy.
"This is to support farmers and graziers
They have a future in the field
Go to the other side of this drought
Morrison told reporters:
Canberra.
"This gives them a huge breathing space."
Small business believed to depend on agriculture
You can get concessional loans up to $ 345,000 (A $ 500,000).
You need to pay more than 10 years.
Government to ease fiscal burden
The lender must not pay interest during the first two years.
The business pays only interest on the loan between
3 to 5 years. The principal and interest payments
Must be a sixth grade
Industry representing Australia's farm industry
The National Farmers Federation has aid especially
This is necessary because the drought does not show signs of relief.
Australian Meteorological Agency expects a 40{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} probability
The east coast of the country will record an average rainfall
Between December 1 and February 28
Loss of market share in Indonesia and Korea
Financial support package will be released in a few weeks
Grain begins usually in December before harvesting.
Australia is one of the world's top 10 exporters.
Grain, the largest part of the national agricultural sector
In general, it contributes about 2{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} to GDP.
But in recent months there has been little rain throughout New South.
Wales and Queensland, farmers do not expect to harvest
A meaningful supply that reduces rural exports.
INTL FCStone on Wednesday said unspecified polls
The number of customers stopped Australian wheat production at 15.54.
1 million tons, 19.1{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} lower than Australia's official estimate
19.2 million tons.
Lower production yields Australians generally
World's Largest Exporters – Also, as prices fall, there is a chance of losing more market share in profitable markets like Indonesia and Korea.
In addition to offering affordable loans, Morrison
The government will also sell 100 billion liters of water at discounted prices to farmers to grow
120,000 tons of feed.
Source: Reuters
Source Link : https://www.trtworld.com/business/australia-offers-drought-ravaged-farmers-up-to-688-million-in-cheap-loans-31192?utm_source=other&utm_medium=rss