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Government Farm Loan Interest Rates May Be Lowered

Farmers in Jersey who take out government loans may see lower interest rates in the future if draft regulations are approved. Deputy Kirsten Morel, Minister for Sustainable Economic Development, has proposed reducing interest rates on agricultural loans from 6.5% to 3%.

He also suggested cutting the number of members on the Agricultural Loans and Guarantees Advisory Board from 10 to five.

In his draft regulation, Mr. Morel expressed hope that the proposed changes would stimulate investment in the farming sector. He noted that the industry has been affected by rising interest rates, increased input costs, and higher labour expenses.

"Agriculture is a vital part of the island’s economy and needs appropriate support, just like in other developed economies, to maintain a sustainable rural economy for future generations," he said.

"It is a dynamic and evolving industry that deserves to be championed, and the government is dedicated to supporting its growth and development for the long term."

The States Assembly is scheduled to debate the proposals in September.


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