USDA increases export loans for SE Asian nations<\/p>\n
WASHINGTON (Reuters): The U.S. Agriculture Department said on
\nMonday that it is extending an additional $545 million in loan
\nguarantees to help financially-troubled Southeast Asian nations
\nbuy U.S. farm goods.<\/p>\n
The action includes a new $100-million export credit line for
\nMalaysia and raises the total amount of USDA export credits
\navailable to the region to more than $1 billion, USDA said.<\/p>\n
"Today's increase in guarantees will help maintain the
\ncompetitiveness of U.S. agricultural exports to the Southeast
\nAsian region," USDA Secretary Dan Glickman said in a statement
\nannouncing the action.<\/p>\n
"Buyers in these markets purchased more than $3 billion in
\nU.S. agricultural goods in 1997, and we want to ensure that our
\nfuture sales remain strong," Glickman said.<\/p>\n
Malaysia will be able to buy a variety of U.S. farm goods --
\nincluding cotton, feed grains, meat, soybeans and wheat under its
\nnew $100 million GSM-102 package, USDA said.<\/p>\n
In addition, USDA announced the following other actions:<\/p>\n
* an increase in the GSM-102 credit line for Indonesia to $400
\nmillion, from $250 million;<\/p>\n
* an increase in the GSM-102 line for Thailand to $300 million,
\nfrom $100 million;<\/p>\n
* an increase in GSM-102 line for the Philippines to $100
\nmillion, from $20 million.<\/p>\n
A supplier credit package for the Southeast Asian region --
\nwhich includes the four countries listed above and Singapore --
\nwas also raised to $50 million, from $35 million, USDA said.<\/p>\n
Monday's action more than doubles the amount of USDA export
\ncredits previously announced for Southeast Asia in fiscal 1998,
\nwhich began October 1.<\/p>\n
It also follows USDA's decision in December to provide $1
\nbillion in export credits for South Korea, the United States'
\nfourth largest agricultural export market.<\/p>\n
Last week, USDA cleared the way for South Korea to begin using
\n$400 million of the GSM-102 loan guarantees to purchase U.S. farm
\ngoods.<\/p>\n
No sales had been registered to South Korea under the program
\nas of Monday, USDA's export credit office said.<\/p>\n
Under the supplier credit program, USDA guarantees short-term
\nloans made by exporters to purchasers of foreign agricultural
\ngoods.<\/p>\n
In addition to boosting the supplier credit line for Southeast
\nAsia, USDA added feed grains, wheat and protein meal to the list
\nof commodities eligible to be purchased.<\/p>\n
Similarly, it added barley malt to the line for Thailand and
\nfresh fruit to the line for the Philippines.<\/p>\n
Other fiscal 1998 initiatives for the region include:<\/p>\n
* $10 million in GSM-103 intermediate-term credits for
\nIndonesia and $2 million in GSM-103 credits for the Philippines
\nto purchases of U.S. breeder livestock;<\/p>\n
* $40 million in "facility" loan guarantees to help Southeast
\nAsia nations finance the construction of storage facilities for
\nimported U.S. grains, meat and other farm goods.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/usda-increases-export-loans-for-se-asian-nations-1447893297",
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