CANADA INTRODUCES SUPPORT FOR PORK PRODUCERS
News Date August 18, 2009
Over the weekend, the Government of Canada announced a comprehensive program to provide assistance to their pork producers. According to the Canadian Government, these initiatives will not be in any violation of international trade agreements and will include:
· An International Pork Marketing Fund of $17 million for market research, promotion and access initiatives to find new customers for Canadian pork products.
· Long-term loans with government-backed credit that financial institutions can offer to allow viable hog operations to restructure their businesses. These long-term loans will be provided at market rates. Producers with sound business plans will be able to access short-term credit for operating costs such as feed and payroll.
· A Hog Farm Transition Program to allow producers to tender bids for the amount of funding they need to transition out of the hog industry and cease hog production for at least three years. This program will invest up to $75 million to gradually reduce production and oversupply issues.
More information regarding the Canadian aid package for pork producers is available on the Agriculture and Agri-Food Canada website: www.agr.gc.ca .(Contact: David Hickey)