The Minister of Agriculture, Marcos Montes, said this Monday that he expects a brief resumption of contracting of some lines of the Safra Plan, which were suspended last week by the BNDES.
“BNDES explained to us, there was a very strong demand and the values of equalizable resources would need to be settled. I think it's a matter of time (the resumption)”, he told journalists during the Abag congress in São Paulo.
In a note, the BNDES informed that the high demand for credit for 2022/23 was associated with the repressed demand of the past harvest, which boosted the requests for financing and led to the temporary stoppage by the bank.
“Suspension is a standard procedure for BNDES to carry out the necessary analyzes to reassess new balances that are subject to financing”, he said.
The announcement about the suspension was made to financial institutions that operate with BNDES resources.
The Ministry's Agricultural Policy Secretariat recalled that there was also an interruption in the past harvest.
Montes said that the difference compared to the last season is that the “spreads” changed throughout the year, that is, the Safra Plan was designed at a time of a level of basic interest rate, which has risen since then.
The suspended funds total 1.5 billion reais of the total of 19.8 billion made available to the BNDES. “In other words, “there is no exhaustion of resources”, said the ministry.
Among the suspended lines are business agricultural investment credit, adaptation to climate change and low carbon emission in agriculture; in addition to building and expanding warehouses.
Sources: investing.com
