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CP12000667 | Federal government boosts loans for canola farmers amid tensions with China
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Placeline/People
City
Vaughan
Country
Canada
Feds bolster loans for canola farmers
The federal government is changing a payment program for canola farmers to help those affected by China's decision to ban the Canadian product. The maximum loan limit through the program will be boosted to $1 million from $400,000 and the portion that will be interest-free is rising to $500,000 from $100,000. The government's announcement comes after China barred canola shipments from two of Canada's biggest exporters. Officials have considered the act to be retaliation for the detention of Huawei executive Meng Wanzhou. However, China has cited unproven concerns about pests as the reason it has rejected Canadian canola seed shipments in recent months. The seeds are the raw input for canola oil, used in cooking and industry. China imported $2.7 billion worth of Canadian canola seed last year, and any prolonged blockage will hurt farmers, the industry and the broader economy. The Liberals said changes to the advance payments program are designed to ease cash flow pressures for affected farmers. International Trade Diversification Minister Jim Carr said he will lead a canola trade mission to Japan and South Korea in early June to help farmers find new markets for their products.
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Information
Source name:
The Canadian Press
Unique identifier:
CP11759386
Legacy Identifier:
def76cfeb6bc4f8b90dccad468a25f0b
Type:
Video
Duration:
1m49s
Dimensions:
1920px × 1080px 81.80 MB
Create Date:
5/1/2019 8:15:00 PM
Display aspect ratio:
16:9