Brazilian president: new agricultural plan to boost production

11:10, July 05, 2011      

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Brazilian President Dilma Rousseff said on Monday that the government's new agricultural plan will help boost the country's agricultural production.

After the plan is implemented, farmers will be able to take more loans at lower interest rates to buy equipment and land, increasing their output and income, Rousseff said in her weekly radio show.

The plan will offer more financing to the agricultural and husbandry sectors with interest rates lower than 2 percent a year.

The plan will also increase government subsidies to farmers in case of natural disasters or at the time when "the price is below the cost of production," Rousseff said.

"When farmers lose their crop because of a flood or drought, they will be allowed to borrow up to 4,000 reais (2,574 U.S. dollars) a month to keep up, and their debt with the bank will be annulled," she said.

The Brazilian government expects to spend 107 billion reais (68.85 billion dollars) in the plan.

Source: Xinhua
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