May 9, 2003
FREDERICTON (CNB) - Agricultural producers in New Brunswick will receive more Net Income Stabilization Account (NISA) funds to help them stabilize their incomes and increase the provincial agricultural sector's capacity for domestic expansion and export growth.
The extension of the NISA enhancement program, announced today by Agriculture and Agri-Food Minister Lyle Vanclief and New Brunswick Agriculture, Fisheries and Aquaculture Minister Rodney Weston, will allow producers and governments to make increased deposits into NISA participants' accounts for specific eligible crops and livestock production. The program funding is being delivered for the 2002 stabilization year.
"This enhancement program will give producers and the agriculture sector in New Brunswick a financial shot in the arm," Vanclief said. "It will provide further income protection and will also allow the province to tailor the NISA program to meet local needs."
"I am very pleased we are able to provide these NISA programs and further address the needs and support the prosperity of our primary agriculture sector," Weston said.
The NISA enhancement program is funded by the federal government, the province and producers with the objectives of enhancing the agriculture and agri-food sector's sustainability and profitability.
The Enhanced NISA program includes support for all eligible commodities along with additional special support for hog producers.
Funding will be delivered to two programs in New Brunswick - the Enhanced Matching Contribution Program for NISA and the Self-Directed Risk Management (SDRM) Program.
The SDRM program allows producers and governments to make increased deposits for potatoes. The program is targeted at potato producers who are not covered under 2003 crop insurance. These producers will have the opportunity to deposit an additional 3 per cent of eligible net sales to their NISA accounts, which will be matched jointly by the federal and provincial governments.
MEDIA CONTACTS: Marie-Josée Groulx, communications, Agriculture, Fisheries and Aquaculture, 506-444-4218; Media Relations, Agriculture and Agri-Food Canada, Ottawa, 613-759-7972.