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Drought-hit Farmers Get Compensation

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Payouts from a fund to mitigate farmers' losses will add up to HUF 50.6 billion by the end of March, Agriculture Minister István Nagy said on Wednesday, according to a report by state news wire MTI.

The compensation is for close to 22,600 farmers, Nagy said. Around HUF 49.7 bln of the total is for farmers hit by last year's drought, he added.

He noted that the resources earmarked by the government for the fund have more than quadrupled.

Payouts by insurance companies on claims on farm policies added up to around HUF 41 bln last year, the Agriculture Ministry noted.

The government assisted farmers further with a repayment moratorium, until end-2023, on HUF 286.6 bln in agricultural credit, an interest rate freeze for SMEs with non-subsidized credit, pre-financing of European Union farm subsidies, a scheme offering farmers cheap, subsidized working capital credit, and the extension of a price cap on motor fuel to farm vehicles, it added.

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