CHANGES TO FARM FINANCIAL STABILITY ACT INTRODUCED

The Government of Saskatchewan today introduced amendments to The Farm Financial Stability Act that will aid the continued expansion of Saskatchewan's livestock feeding sector.

"These amendments are the direct result of a series of consultations with key stakeholders who worked with government to amend The Farm Financial Stability Act," Deputy Premier and Agriculture, Food and Rural Revitalization Minister Clay Serby said. "They spoke and we listened, and today we act with the introduction of the amendments."

A new section of The Farm Financial Stability Act will allow feedlots direct access to the Livestock Loan Guarantee Program as individual entities. Loan guarantees will be provided to lenders on loans made directly to feedlots for the purchase of feeder cattle. The amendment will also allow for the creation of pooled assurance funds containing contributions by all participating feedlots. Feedlots will provide information on operations to confirm their inventory and financial status.

"The amendments introduced today fit with our government's vision to grow the livestock industry in our province, and will have a positive impact on rural Saskatchewan and on the provincial economy for years to come," Serby said.

The amendments were developed through consultations with stakeholders including the Saskatchewan Cattle Feeders Association, the Producers' Advisory Committee to the Livestock Loan Guarantee Program, a Feedlot Working Group, and representatives from various agricultural lenders.

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For More Information, Contact:

Merv Ross Agriculture, Food and Rural Revitalization Regina Phone: (306)787-5957