According to the administrative declarations, those food producers who had loans and payment deadlines before April 30 could extend it for six months.
Canada's government announced economic measures to help farmers and food producers during this volatile economic situation due to the Covid-19.
On his Official Twitter page, Canadian Prime Minister Justin Trudeau announced that his government would protect and guarantee producers, agribusinesses and food processors during the difficult economic situation caused by the virus.
Marie Claude Bibeau, Canada's Minister of Agriculture and Agri-Food announced Farm Credit Canada (FCC) received a $5-billion increase in lending capacity from the federal government. “First, Farm Credit Canada (FFC) is receiving an extra 5 billion in lending capacity. This injection of credit will permit FCC to help Farms and Food producers in a case-by-case basis with potential deferrals of the principal or interests portion of their loans or access to an additional credit line.” According to the administrative declarations, those food producers who had loans and payment deadlines before April 30, could extend it for six months.
Bibeau also added: “Like many Canadians, I am truly grateful for our farmers and food business owners and employees, who continue working hard so we all have quality food on our grocery store shelves and kitchen tables. Their continued work is essential to our plan to manage COVID-19.”
The Minister also affirmed: “The measures announced today will provide farmers and food producers across the country with important financial flexibility they will need during these challenging times.”
FFC’s representatives are encouraging farmers and food producers to collaborate and keep working given their main role in the national economy and sustainability. FFC is ensuring cash flow, production supplies, and resources to its associates.
So far, Canada reports 1646 positive Covid-19 cases and 24 deaths.