Brasília – The Brazilian federal government announced this Thursday morning (7) that BRL 190.25 (USD 5.77 billion) worth of funding will be made available for the 2017-2018 Agriculture and Livestock Plan. Despite spending cuts in several ministries, the amount exceeds the BRL 185 billion (USD 56.1 billion) supplied from July 2016 to June 2017.
According to Ministry of Agriculture, Livestock and Supply, credit for crop funding and sales-related operations will amount to BRL 150.25 billion (USD 4.56 billion), of which BRL 116.25 billion (USD 3.52 billion) at government-set interest rates and fees. Rates for the remainder of the funds will be freely agreed upon by banks and farmers.
The government estimates that this year’s crop will reach 232 million tons of grain, up 24.3% from 2016-2017. BRL 1.6 billion (USD 485.8 million) will be available for storage.
*Translated by Gabriel Pomerancblum
