The Agricultural Producers Association of Saskatchewan (APAS) say they are pleased with an announcement that will help farmers in uncertain economic times.
Prime Minister Justin Trudeau has pledged $5 billion to assist farm financial liquidity through Farm Credit Canada and an extension to repayment for the Cash Advance program.
“While much of the Canadian economy has shut down, Saskatchewan farmers are getting ready to put in this year’s crop, and they need to know that credit is available to allow them to seed,” said APAS President Todd Lewis in a press release. “This announcement is a good first step to help spring seeding move forward.”
While it is a good start, Lewis says more must be done to ensure the viability of Canada’s farm economy.
“Our net farm incomes have dropped by over 40 per cent in the last two years, and many farm operations have been impacted by low commodity prices, poor weather, and trade and transportation disruptions. With COVID-19 we are now facing unprecedented business instability going into the 2020 production year and our Business Risk Management programs do not provide us with an adequate financial backstop needed to manage these risks,” Lewis explained.
“We need further measures to ensure that we have the cash flow and financial means needed to produce food for Canadians and for export customers.”
Visit the APAS website for more information.