Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Serbia Earmarks $200 Million to Help Drought-Stricken Farmers

Don't Miss Out —
Follow us on:

Aug. 30 (Bloomberg) -- Serbia will spend 160 million euros ($200 million) to counter the effects of this year’s drought, which cut corn, soy and sunflower harvests in half in parts of the Balkan nation.

Rescheduling agriculture loans and providing additional subsidies to farmers and discounted diesel fuel will amount to the “biggest intervention in the agriculture sector in more than 20 years,” Agriculture Minister Goran Knezevic told reporters as he presented the measure in Belgrade today. The cost includes possible use of the state’s commodity reserves to prevent possible shortage, he said.

“We still won’t be able to annul the effects of the drought, but we can ease some of the pressure,” he said. The state will give farmers 6,420 dinars ($67.7) per hectare (2.47 acres) of their arable land, he said.

The cost will be included in reviewed budget spending the government plans to adopt next month, he said. Serbia is also struggling to narrow its budget gap, which reached 7.2 percent of gross domestic product at the end of June, 2.7 percentage points above the country’s own fiscal rules.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.