Russia not to buy grain for state interventions fund in 2023–2024

KAZAN, Sep 21 (PRIME) -- The Russian government plans no procurements of grain for the state intervention fund in the current agricultural year that started on July 1 and would end on June 30, 2024, Deputy Prime Minister Viktoria Abramchenko told reporters on Thursday.

Answering a question whether the government planned procurements for the state fund, she said, “No, we are not planning them. The intervention fund will remain with the parameters that we had in the previous period.”

The fund exists to ensure the balance between production and consumption, it is not an instrument for withdrawing excess grain from the market. The authorities expect farmers and agricultural companies to export the excess grain, she said.

Abramchenko also said that the government planned to allocate 45 billion rubles more on provision of loans to farmers at reduced rates because of the recent increase of the central bank’s key rate. The authorities are to approve the decision very soon, and they will finance the decision with the money that the federal budget receives from the grain export duties, she said.

(96.6172 rubles – U.S. $1)

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