Liberal MP Jim Carr says this week's announcement by the prime minister will help farmers with immediate cash flow.Click here to see more...
He notes the $5 billion added to the credit capacity of Farm Credit Canada (FCC) will amount to deferrals on loans, and provide interest rate relief over a 12-month period.
"This is all new [money]. It had nothing to do with campaign announcements or promises. This is in reaction to COVID and is particular to this set of circumstances and in addition to all programs that have already been announced."
Carr adds they are doing what they can to help relieve the anxiety being felt across all sectors of the economy.
"Everything is on the table. The minister is in daily consultation with producer groups and industry representatives and we will look at all ways possible to relieve the burden that all of us are now feeling."
The government also announced that all eligible farmers who have an outstanding Advance Payments Program loan due on or before April 30 will receive a Stay of Default, allowing them an additional six months to repay the loan.
Carr is the MP for Winnipeg South and also serves as the Prime Minister's Special Representative to the Prairies.