With the assistance of NC Food Contract Corporation JSC Тhe debts to farmers who had not received the payment for the sold grain have been paid. As previously reported, within the program of intervention procurement of grain from agricultural producers (AP) NC Food Contract Corporation JSC purchased 261 thousand tons of wheat in the amount of about 11 billion tenge (KZT).
The procurement was carried out by means of the information system of grain receipts on the Internet resource www.minagro.kz, which is developed and maintained by “Information and Accounting Center” JSC (IAC).
Due to the financial instability of Bank of Astana JSC, serving the IAC, 5 APs – participants of the program did not receive money for the wheat sold to the Food Contract Corporation. The amount payable to farmers was 197 million tenge (KZT).
It should be noted that, in spite of the fact that the Food Contract Corporation sent money to the operating account of the IAC in a timely manner and fulfilled its obligations under the program in full, later on it contributed massively in solving the problems of grain producers.
In particular, after negotiations of the Food Contract Corporation with one of its counterparties – the borrower at the designated bank, the following decision was proposed. As the loan is paid off by the partner of the Food Contract Corporation, the IAC will redirect certain amounts to the above mentioned AP for the closure of the debt of the Bank to them.
As a result, as the tranches were received from the borrower on June 7 this year, the IAC transferred 36.9 million tenge (KZT) to farmers, and on July 30 and 31, the remaining amount of the debt was 160.2 million tenge (KZT).
At the present time, with the assistance of the Food Contract Corporation, the accrued expenses of Bank of Astana JSC to farmers in the amount of 197 million tenge (KZT) have been completely paid.