Distribution in accordance with the law

Deputies considered the initiative to amend the law "On the State Reserve Fund PMR" at a meeting of the Committee on Agriculture. The purpose of the law-in-draft – is to support agribusiness of the republic. The author proposes to reduce the interest rate for lending subjects of agriculture from 5% to 3%, increase credit terms from 5 to 7 years, to give interest-free loans in the amount of not more than one thousand dollars the owners of land for private farming for up to two years. We are talking about Russian aid allocated to support the AIC of the Republic in 2008 and 2011. It was proposed to convert funds into foreign currency due to devaluation of the Russian ruble.

The law "On State Reserve Fund" was adopted in 2008. It prescribes objectives, the procedure for granting loans to business entities and the measure of responsibility for their timely return. The aid 2011 was spent according to the order of the Supreme Council, which also had been prescribed the appropriate conditions.

However, the deputies unanimously voted against the proposal with regard to the transfer of powers to the Government to address the issue of possible conversion of the Russian ruble. Today, the servicing business entities bank is considering loans offers and present its decision to the discussion of the Supervisory Board.

Legislators agrarians, taking into account the comments of the proposed legislation will recommend the deputies to adopt it in the first reading.