Saskatchewan offers additional $10 million funding for livestock farmers

Saskatchewan offers additional $10 million funding for livestock farmers | Insurance Business

Saskatchewan offers additional $10 million funding for livestock farmers

The Saskatchewan government has announced an additional $10 million relief package for livestock producers impacted by the disruptions caused by the COVID-19 outbreak.

Half of the amount will fund the province’s 40% share on the AgriRecovery program, which will raise the total support livestock producers can access to $12.5 million. The federal government announced on May 05 that it will provide funding for 60% of the program.

The support package will be delivered to the farmers by the Saskatchewan Crop Insurance Corporation.

The remaining $5 million will be allocated to offsetting increased livestock insurance costs.

The funding is expected to reduce the cost of purchasing livestock price insurance, which is sold through the Western Livestock Price Insurance Program. It is through this program that the provincial government will cover 40% of the increased premium costs.

The premium support will be back-dated to February 25 and will be in place until September 01, when it will be reassessed.

The Saskatchewan government has also encouraged the federal government to support the industry by covering the remaining 60% of the premium increases.

Saskatchewan Cattlemen’s Association chair Arnold Balicki welcomed the program.

“COVID-19 has had multiple effects on Canada’s cattle producers,” he said in an interview with Regina’s CTV News.

“It is great to see Saskatchewan stepping up. These will help with the backlog and make it more affordable for producers to participate in price insurance, injecting some certainty into the coming months.”

Meanwhile, cattle producer and vice-president of the Saskatchewan Stock Growers Association said the program was a needed boost to push the industry through the pandemic.

“I encourage all producers to get ahold of their crop insurance, take advantage and you can encourage a profit in these times right now,” he told Regina’s CTV News.

The provincial government also announced that the deadline for purchasing calf price insurance will be extended from May 28 to June 18.