LAW 34 OF 1993
Official Gazette No. 40,710, January 7, 1993
For refinancing debt coffee, cotton, rice and other agriculture rules and dictate criteria for regulation and enforcement. Summary
THE CONGRESS OF COLOMBIA DECREES:
ARTICLE 1o. In order to support and promote agricultural activity, the Board of the Bank of the Republic, prior concept of the National Agricultural Credit Commission, adopt mechanisms to facilitate the refinancing of loans for agricultural production.
The recipients of refinancing farmers when economic situations arise criticism of a culture or a region.
The National Agricultural Credit Commission will determine the occurrence of a critical economic situation in a region of agricultural production or a crop, when any of the following conditions are present:
1. When a sensitive and temporary drop in the international price of the product significantly affect the real income of Colombian producer. When the price drop is anticipated permanent refinancings will target crop substitution and diversification.
2. When a situation of natural disaster or climate rating will lead to massive losses of production.
3. When a crop will be severely affected by pests or plant health problems, which significantly reduce the quality or volume of the crop.
4. When a sensitive and ongoing fall in domestic demand for the product is presented.
. The Board of the Bank of the Republic and the National Government, within their respective competences, shall mechanisms, including the application of domestic public debt, to ensure an adequate flow of credit to the normal functioning of the agricultural sector when economic situations arise critical for producers, according to the criteria set out in the previous article.
ARTICLE 3. Effective Notes
ARTICLE 4. The Government will take the necessary measures to refinance the portfolio rediscounted by Finagro coffee. Additionally determine the resources allocated to facilitate the refinancing of this Law.
The 5th ITEM. The National Coffee Growers Committee decided by consensus, within one month following the entry of force of this law, the resources of the National Coffee Fund will be available to refinance loans with own resources. Additionally, you must determine by consensus the resources that can facilitate the refinancing of coffee portfolio.
ARTICLE 6o. This Law governs from the date of its enactment.
The president of the Senate of the Republic,
TITO EDMUND WHEEL GUARÍN.
The Secretary General of the Senate of the Republic,
PUMAREJO PEDRO VEGA.
The President of the Chamber of Representatives,
CÉSAR PÉREZ GARCÍA.
The Secretary General of the Chamber of Representatives, DIEGO VIVAS
Republic of Colombia - National Government
published and execute.
Given in Bogota, DC, five (5) days
of January in 1993 (1993).
César Gaviria Trujillo.
The Minister of Finance and Public Credit, RUDOLF HOMMES
The Minister of Agriculture,
Alfonso López Caballero.