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Office of the Press Secretary

For Immediate Release April 4, 1993

WASHINGTON, April 4 /U.S. Newswire/ -- Following is a fact sheet on Food for Progress credit sales component of the U.S. assistance package for Russia announced at the summit in Vancouver:

The president announced the availability of $700 million in agricultural credits to Russia under the Food for Progress program. This measure is designed to restore Russia's access to U.S. agricultural markets for grains and other needed commodities in the short-term.

These sales will have a multi-year repayment period with a several-year grace period. The commodity mixture for the program may include wheat, feed grains, oilseeds and other U.S. agricultural products mutually agreed upon by the U.S. and Russian governments. These commodities will be delivered before Russia's own domestic crop is harvested.

These sales serve Russian consumers by helping to ensure stable access to critical foods during the difficult period of economic restructuring. They also serve U.S. farmers by maintaining the U.S. position in what will continue to be a highly important foreign market.
/U.S. Newswire 202-347-2770/