Credit Agency`s authority increases - subsidy mechanism to be improved


May 4, Fineko/abc.az. The Agency for Agricultural Credit & Development (AKIA) is authorized to conduct monitoring in order to ensure the effective operation of the mechanism of subsidies allocated to the agricultural sector and assess the impact of services related to subsidies for agricultural production.

ABC.AZ reports that AKIA chairman Mirza Aliyev said that the new powers will allow to study the short-and long-term impact of subsidies on the agricultural sector, and make improvements in the direction of increasing their efficiency.

"The main goal of AKIA is to ensure the real impact of subsidies on the development of the agricultural sector. To do this, it is also important that subsidies reach the right addresses," the Agency's chair added.

Since January 2020 the applications for subsidies to the agricultural sector are accepted through the e-system, and some farmers' cards are transferred in the form of funds that are not cashed out, but are paid only through POS-terminals for production costs.