CMN Resolution No. 4807 Amending Resolutions 4801 and 4802 Regarding Rural Credit Measures for Covid-19 and Drought Mitigation

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on April 30, 2020, considering the provisions of Article 4, item VI, of Law No. 4,595 of 1964, Articles 4, 14, and 21 of Law No. 4,829 of November 5, 1965, and Article 5 of Law No. 10,186 of February 12, 2001,

R E S O L V E D:

Art. 1 Section 19 (Transitory Credit Lines) of Chapter 10 (National Program for Strengthening Family Agriculture - Pronaf) of the Rural Credit Manual (MCR), as amended by Article 3 of Resolution No. 4,801 of April 9, 2020, shall enter into force with the following alterations:

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a) purpose: agricultural and livestock operating credit, with advance acquisition of inputs allowed, as provided in MCR 3-2-3-“a”-II, and the allocation of up to 40% (forty percent) of the budget for the purposes set forth in MCR 10-4-11;

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f) source of resources: Mandatory Resources, as provided in MCR 6-2, or any source of uncontrolled resources, as provided in MCR 6-1-3.” (NR)

Art. 2 Section 2 (Transitory Norms) of Chapter 8 (National Program for Support to Medium Rural Producers - Pronamp) of the MCR, as amended by Article 4 of Resolution No. 4,801 of 2020, shall enter into force with the following alterations:

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a) purpose: agricultural and livestock operating credit, with advance acquisition of inputs allowed, as provided in MCR 3-2-3-“a”-II, and the allocation of up to 25% (twenty-five percent) of the budget for the purposes set forth in MCR 8-1-1-“b”-I;

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f) source of resources: Mandatory Resources, as provided in MCR 6-2, or any source of uncontrolled resources, as provided in MCR 6-1-3.” (NR)

Art. 3 Section 19 (Transitory Credit Lines) of Chapter 10 (National Program for Strengthening Family Agriculture - Pronaf) of the MCR, as amended by Article 2 of Resolution No. 4,802 of April 9, 2020, shall enter into force with the following alterations:

“11 - ..........................................................

a) purpose: agricultural and livestock operating credit, with advance acquisition of inputs allowed, as provided in MCR 3-2-3-“a”-II, and the allocation of up to 40% (forty percent) of the budget for the purposes set forth in MCR 10-4-11;

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f) source of resources: Mandatory Resources, as provided in MCR 6-2, or any source of uncontrolled resources, as provided in MCR 6-1-3.” (NR)

Art. 4 Section 2 (Transitory Norms) of Chapter 8 (National Program for Support to Medium Rural Producers - Pronamp) of the MCR, as amended by Article 3 of Resolution No. 4,802 of 2020, shall enter into force with the following alterations, renumbering items 4 and 5 to 5 and 6:

“5 - ...........................................................

a) purpose: agricultural and livestock operating credit, with advance acquisition of inputs allowed, as provided in MCR 3-2-3-“a”-II, and the allocation of up to 25% (twenty-five percent) of the budget for the purposes set forth in MCR 8-1-1-“b”-I;

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f) source of resources: Mandatory Resources, as provided in MCR 6-2, or any source of uncontrolled resources, as provided in MCR 6-1-3.” (NR)

“6 - The balances of the operations provided for in item 5 may be used to comply with the Pronaf Sub-exigibility, as provided in MCR 6-2-10, until the settlement of the operations.” (NR)

Art. 5 Section 2 (Program for Capitalization of Agricultural Cooperatives - Procap-Agro) of Chapter 13 (Programs with BNDES Resources) of the MCR, as amended by Article 4 of Resolution No. 4,802 of 2020, shall enter into force with the following alteration:

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b) credit limit: R$65,000,000.00 (sixty-five million reais) per cooperative, in one or more operations, regardless of other limits established for this Program, not exceeding R$100,000.00 (one hundred thousand reais) per active associate whose obligation will be renegotiated;

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Art. 6 This Resolution enters into force on the date of its publication.

Roberto de Oliveira Campos Neto President of the Central Bank of Brazil