Thursday, 26 January 2017

Russia has adopted agriculture budget for 2017

Russia has agreed and adopted its agricultural budget and priorities for 2017 at 214 billion roubles ($3.34 billion) which is about 1.6% of the total federal budget of 13.48 trillion roubles ($211 billion).

State support remains focused on reducing the cost of capital and creating incentives for private investments to the sector.

The Government plan to spend 91.7 billion roubles on the “Encouragement of Investment in Agriculture”, which includes investment credits, CAPEX reimbursement for pre-selected projects and subsidised loans for agricultural producers.

A second program called the “Development of Sub-Sectors in Agriculture” has 55.3 billion roubles allocated to priorities including dairy cattle farming support, grain and vegetables production and support of the regional agricultural development programs.

The third sub-program “Irrigation and Land Improvement” has 11.3 billion roubles allocated with a further 7.1 billion roubles allocated to “Supporting the General Conditions of Agricultural Operations”.