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Additional allocation of funds for fostering successor farmers, ‘confusion’ due to different standards by local government

Published Feb 16, 2025

Tridge summary

The South Korean government has announced a plan to support young farmers who have not received funding for successor farm management due to budget shortages, including strengthening support and reducing unnecessary regulations, and making additional allocations based on a new budget. The Ministry of Agriculture, Food and Rural Affairs has set aside 450 billion won for the initiative, with a particular focus on mechanically disadvantaged farmers. However, the plan has faced criticism due to variations in the application of guidelines by local governments and concerns about errors in the development fund application process. The Ministry plans to execute the remaining loan budget within the month to provide development funds to applicants who were not successful in the initial additional allocation rounds.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The government has decided to rescue young farmers who have not received funding for successor farm management due to budget shortages. The plan is to strengthen support for young farmers by improving unnecessary regulations while making additional allocations based on the newly secured budget. However, there are criticisms that countermeasures are needed as there are differences in the application of guidelines from local governments and the government during the additional allocation process. The Ministry of Agriculture, Food and Rural Affairs announced on the 14th that it will begin additional allocations of funding for successor farm management from the 10th. Accordingly, it has been confirmed that local governments in cities, counties, and districts have sent text messages to those eligible for additional allocations and informed them of the loan availability period, etc. As young farmers have suffered successive losses due to the blockage of policy fund loans, the ...
Source: Nongmin
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