ACT 34 OF 1993
Official Journal No. 40,710, January 7, 1993
For the refinancing of the debt of coffee growers, cotton growers, rice growers, and other agricultural sectors, the rules and criteria for their regulation and application are dictated.
ARTICLE 1o. For the purpose of supporting and promoting agricultural activity, the Board of Directors of the Bank of the Republic, prior to the National Agricultural Credit Commission, will adopt mechanisms that facilitate the refinancing of appropriations for agricultural production.
Agricultural producers will be eligible for refinancing when critical economic situations arise with respect to a crop or region.
The National Agricultural Credit Commission will determine the occurrence of a critical economic situation in a region of agricultural production or for a crop, when any of the following conditions are present:
1. When a sensitive and temporary fall in the international price of the product significantly affects the real income of the Colombian producer. Where the price fall is expected to be permanent, the re-financing will be geared to crop substitution and diversification.
2. When a situation of climatic type or natural catastrophe results in massive losses of production.
3. When a crop is severely affected by pests or plant health problems, they will significantly reduce the quality or volume of the crop.
4. When a sensitive and permanent drop in internal product demand is present.
ARTICLE 2o. The Board of Directors of the Bank of the Republic and the National Government, within their respective powers, will adopt mechanisms, including the implementation of internal public debt, to ensure a adequate flow of credit for the normal functioning of the agricultural sector, when critical economic situations arise for producers, in accordance with the criteria set out in the previous article.
ARTICLE 4. The government will take the necessary measures to refinance the coffee portfolio rediscounted by Finagro. Additionally, you will determine the resources you will allocate to facilitate the refinancing of this Act.
ARTICLE 5o. The National Coffee Committee will determine by consensus, within the month following the entry into force of this law, the resources of the National Coffee Fund that will be available for refinancing. the appropriations allocated from own resources. Additionally, you will need to determine by consensus the resources that can facilitate the refinancing of the coffee portfolio.
ARTICLE 6o. This Law governs from the date of its enactment.
The President of the Honorable Senate of the Republic,
TITO EDMUNDO RUEDA GUARIN.
The Secretary General of the Honorable Senate of the Republic,
PEDRO PUMAREJO VEGA.
The President of the Honorable House of Representatives,
CESAR PEREZ GARCIA.
The Secretary General of the Honorable House of Representatives,
DIEGO VIVAS TAFUR.
Republic of Colombia-National Government
Publish and execute.
Dada en Santafe de Bogota, D.C., at 5 (5) days
of the month of January thousand nine hundred and ninety-three (1993).
CESAR GAVIRIA TRUJILLO.
The Minister of Finance and Public Credit,
RUDOLF HOMMES RODRIGUEZ.
The Minister of Agriculture,
ALFONSO LOPEZ CABALLERO.