The Ministry of Agriculture has sought a BRL 1.053 billion addition for the Rural Insurance Premium Subsidy Program (PSR) this year, bringing the program’s overall budget to BRL 2 billion. For 2025, the budget proposal is BRL 2.5 billion. The Confederation of Agriculture and Livestock of Brazil (CNA) had asked for BRL 3 billion for 2024 and BRL 4 billion for 2025. The ministry stated that insurers paid BRL 25 billion in indemnities to growers during the previous six years, while the Agricultural Activity Guarantee Program (Proagro) spent BRL 9.5 billion in 2023. In addition, the Ministry of Agriculture intends to increase the funding for the Minimum Price Guarantee Policy (PGPM) to BRL 3.9 billion in 2025, up from BRL 1.1 billion in 2024. With prices falling, it is suitable to build up public stocks to ensure supply.
Source: Globo Rural (*Translated by Ia Niani)
MINISTRY OF AGRICULTURE WANTS BRL 2 BILLION FOR RURAL INSURANCE IN THE 2024-25 HARVEST
Published On - 14 de June de 2024