Farmers whose agricultural crops were affected by this year’s drought and heat will be able to request the suspension of payment obligations to creditors for a period of six months. They will also be able to renegotiate payment obligations for the accumulated debts, including interest rates and penalties, through additional agreements to existing contracts. Parliament gave a final reading to the draft law that provides for these support measures, adopting it, IPN reports.

Under the document, the obligation to pay the outstanding debts and due installments on loans, representing interest rates, commissions and penalties owed by farmers in 2024, will be suspended. The measure will benefit farmers who cumulatively meet the following conditions: they obtained loans, goods or inputs in leasing (fertilizers, pesticides, seeds, agricultural equipment and machinery, etc.) used for agricultural activities based on contracts concluded between September 2023 and September 2024; their agricultural crops were affected by drought in a proportion of at least 60%, and the affected cultivated area constitutes no less than 50%; farmers against whom insolvency proceedings were not filed.

Creditors will have the obligation to examine and approve farmers’ requests to suspend payment obligation within 30 calendar days from the moment of their receipt. Farmers whose payment obligation are suspended will not be able to sell the owned assets while the measure is in force without informing the creditors.

The bill provides that the financial guarantees issued by the Organization for the Development of Entrepreneurship will be extended for a period equal to the term of the loan restructuring/rescheduling, but no later than until December 31, 2025.

The draft law will enter into force on the date of its publication in the Official Gazette.