Jeonnam Provincial Council to Reduce Repayment Burden of 'Agricultural and Fishing Village Promotion Fund Loans'

Assemblyman Gubokgyu Introduces 'Jeollanam-do Rural Fisheries Promotion Fund Ordinance Amendment' as Main Sponsor

Gu Bok-gyu, Jeonnam Provincial Assembly Member

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] The Jeonnam Provincial Council is significantly improving the repayment conditions of loans from the Rural and Fisheries Promotion Fund to reduce the repayment burden on farmers and fishermen and to increase income through stable farm management by utilizing the fund.

On the 12th, it was announced that the "Partial Amendment to the Jeollanam-do Rural and Fisheries Promotion Fund Ordinance," which was primarily proposed by Jeonnam Provincial Assembly member Gu Bokgyu, passed the relevant standing committee.

The amendment includes extending the repayment period of the loans and changing the repayment method from lump-sum repayment to equal installment repayment.

According to the main details, the repayment conditions for facility funds from the Rural and Fisheries Promotion Fund will change from a 2-year grace period followed by 3 years of equal installments to a 2-year grace period followed by 5 years of equal installments. For operating funds, the repayment condition will change from a 2-year grace period with lump-sum repayment to a 2-year grace period followed by 3 years of equal installments.

Additionally, the repayment conditions for operating funds for bachelor farmers and fishermen will be revised from a 2-year grace period followed by 3 years of equal installments to a 2-year grace period followed by 5 years of equal installments, effective from 2021.

Although the loan interest rate for the Rural and Fisheries Promotion Fund is relatively low at 1%, there have been concerns about the short repayment period and the heavy burden on farmers and fishermen due to lump-sum repayments, highlighting the need for improvement.

Assembly member Gu Bokgyu stated, "With this ordinance amendment, I hope to reduce the repayment burden on farmers and fishermen receiving loans from the Rural and Fisheries Promotion Fund and contribute significantly to increasing farm income and the development of agriculture and fisheries in Jeonnam through stable management supported by the fund."

Meanwhile, this ordinance amendment is scheduled to be submitted to the 2nd plenary session of the 338th extraordinary meeting to be held on the 17th.

This content was produced with the assistance of AI translation services.