Government to write off farmers' debts

As a last ditch attempt to avoid bankruptcy for the national fund of agricultural assistance, the government decided in close collaboration with the agriculture and finance ministries as well as the treasury to write off some of the farmers’ debts.

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• As a last ditch attempt to avoid bankruptcy for the national fund of agricultural assistance, the government decided in close collaboration with the agriculture and finance ministries as well as the treasury to write off some of the farmers’ debts.
•  The anointing of the new bank’s manager Maidi Chaabane in replacement of Hamra Aras Omar aims is part of the government’s scheme to keep the bank afloat and implement the appropriate ways to save it from bankruptcy.
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• The bank’s financial crisis was triggered by the farmers’ delays to pay back the contracted debts over the period 2000-2005 automatically transferred to this financial institution after 2006.
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• The government’s move came in the wake of a conclusion that the bank cannot be blamed alone for the prevailing situation especially that the bulk of debt exceeds the startling sum of 1.7 billion Euros.
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• Financial experts are for, the time being, working on transforming the bank to a strong financial trust grouping all sectors likely to give assistance to agriculture; including insurance, financing and loans for Algerian farmers following the pattern of various countries elsewhere.
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