Ministry of Agriculture, Food and Rural Affairs Extends Agricultural Policy Fund Principal Repayment Deferral by One More Year

[Asia Economy Sejong=Reporter Kim Hyewon] The Ministry of Agriculture, Food and Rural Affairs announced on the 28th that it will postpone the repayment of principal for major agricultural policy funds due next year for one year to alleviate the financial burden on farms.

The targeted funds include the Comprehensive Agricultural Fund (facility fund), Successor Farmer Development Fund, and Return-to-Farming Startup Fund, with approximately 980 billion KRW scheduled for repayment next year.

From July to this month, a six-month principal repayment deferral measure has already been implemented for these funds, and this will be additionally extended until the end of next year.

If farmers wish to extend the repayment, they can apply by visiting the local agricultural cooperative or NongHyup Bank where the loan was handled before the repayment due date. However, loans currently in the grace period are not eligible, and for loans that become overdue after January 1 next year, repayment deferral will be applied on the condition that overdue interest is paid.

Park Sujin, Director of Agricultural Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "In a situation where the burden of farm management costs is increasing due to rising loan interest rates, we hope this extension measure will help alleviate the financial burden on farmers struggling with loan repayments."

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