article By Ramesh K. MishraDecember 25, 2018 – 10:30:00The US Department of Agriculture is considering a $4.2 billion agriculture “recovery fund” that would help farmers and ranchers to improve yields, The New New York Time reported on Wednesday.
According to the Times, a report by the agency’s Office of the Assistant Secretary for Agriculture, this funding is a response to a letter sent by the National Farmers Union in December 2017.
The letter called on the agency to set up a separate fund to assist farmers in their efforts to recover the value of their land.
The fund would also provide grants for farmers to purchase and restore agricultural assets.
Agriculture Secretary David I. Posner said in a statement on Wednesday that the USDA will continue to work with the private sector to help farmers recover value.
The USDA will make its decision about the fund based on the merits of the case, Posner added.
The agency has already spent nearly $1 billion on agricultural recovery grants since the Trump administration took office.
“This proposal is the first step in what should be a coordinated effort to accelerate the recovery of agricultural assets from the farm to the consumer,” Posner continued.
“The United States will continue working to promote agricultural land and crop values to our farmers and consumers.”
A total of $3.9 billion in agricultural loans have been awarded since the USDA took office in 2017.