ZAGREB, Oct 28 (Hina) - The Croatian government on Thursday granted permission to buyers of soya, sunflower, and sugar-beet to issue promissory notes in order to settle obligations to the manufacturers of the said products. The
promissory notes will be guaranteed by the Finance Ministry in the amount of US$51 million. Due to extant business difficulties, illiquidity in particular, and the unwillingness of banks to follow agricultural companies without mediation from the state, these companies are incapable of ensuring sufficient funds to settle obligations to manufacturers, Agriculture Minister Ivan Djurkic said. A similar model has already been applied for the settlement of obligations for last year's harvest products. The issuance of new guarantees is conditioned on the settlement of all previous debts buyers owed the Finance Ministry's C
ZAGREB, Oct 28 (Hina) - The Croatian government on Thursday granted
permission to buyers of soya, sunflower, and sugar-beet to issue
promissory notes in order to settle obligations to the
manufacturers of the said products.
The promissory notes will be guaranteed by the Finance Ministry in
the amount of US$51 million.
Due to extant business difficulties, illiquidity in particular,
and the unwillingness of banks to follow agricultural companies
without mediation from the state, these companies are incapable of
ensuring sufficient funds to settle obligations to manufacturers,
Agriculture Minister Ivan Djurkic said.
A similar model has already been applied for the settlement of
obligations for last year's harvest products.
The issuance of new guarantees is conditioned on the settlement of
all previous debts buyers owed the Finance Ministry's Commodity
Stockpiles Management.
(hina) ha jn