The Ukrainian model of the agricultural insurance system will be based on the best world practices

Submitted by bashun on Wed, 06/06/2018 - 15:19

A detailed study of the Canadian system of supporting agricultural entrepreneurs through mechanisms of subsidized credit and agricultural insurance, as well as the possibility of introducing such effective instruments and practices in Ukraine was the main objective of the working visit of the Ukrainian delegation, chaired by the Deputy Minister of Agrarian Policy and Food of Ukraine, Olena Kovalova to Canada (Ottawa and Guelph). The trip was organized by the International Finance Corporation (IFC), the press service of the Ministry of Agrarian Policy reports.

"We are striving to explore the best world practices of lending and agricultural insurance, among which is the Canadian one. The system of support for agricultural producers in Canada is built on full trust between farmers, insurance companies and the state, which saves time, resources and provides a lasting economic effect. Analysis of effective insurance systems, tools, approaches will allow us to develop our own optimal model. Its implementation will help improve the investment potential of the agricultural sector, allow for pricing and weather risks, stimulate the growth of the agro-industrial complex," says Olena Kovalova.

She added that Canadian farmers positively treat government support programs for subsidies and lending, since such support provides them with full security and financial stability. The system of lending and subsidies in Canada is financed by the state and local budgets and is aimed at reducing all possible risks.

Also, the Deputy Minister noted that despite Ukraine's increased attention to the development of farming, the new system of agricultural insurance could become a support for the introduction of effective instruments for lending to small and medium-sized farms.

During the trip, the Ukrainian delegation got acquainted with the details of agricultural insurance programs that are being implemented by the Agriculture and Agri-Food Canada (AAFC), exchanged views with representatives of the Canadian side on the role of the government in structuring risk management programs, participated in discussions on development, competitiveness and innovation in the agricultural sector.

In addition, the issues of expanding cooperation and establishing more active relationships between Ukraine, Canada and the organizations of the World Bank Group were discussed the Canadian colleagues and the Ambassador of Ukraine in Canada, Andrii Shevchenko.

 

 

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