Following today’s Federal, Provincial and Territorial Meeting of Agriculture Ministers, an agreement has been reached to remove the reference margin limit (RML) within AgriStability. Alberta Beef Producers (ABP) would like to thank Minister Dreeshen, and the Prairie Ministers, for accepting this recommendation and providing producers with an enhanced business risk management program.
Today’s announcement means $95 million in further funding available through AgriStability, making the program more equitable and predictable for producers. The removal of the RML will be retroactive to 2020 and the AgriStability enrollment deadline has been extended from April 30 to June 30, 2021.
ABP has continually expressed our support of the recommendations made by the federal government and called on the provincial government to accept the changes to AgriStability, which included the RML removal and an increase to the compensation rate from 70 to 80 percent – providing $170 million in funding for Canadian farmers and ranchers in need of support. While we are disappointed an agreement has not been reached on the compensation rate, we are encouraged that this offer remains on the table.
“Producers have long been advocating for improvements to AgriStability. ABP has participated in discussions at every level to put forth solutions to the challenges expressed by producers. ABP is pleased with the RML removal and we look forward to reaching an agreement on the compensation rate,” said Melanie Wowk, ABP Chair.
Accepting the compensation rate recommendation would offer further support to Alberta’s agriculture sectors in the short term, as producers continue to contribute to Alberta’s economic recovery and work through challenges resulting from the pandemic. We look forward to the long-term modernization of the business risk management suite under the next five-year agricultural policy framework in 2023.
Another press release written collaboratively by 11 Alberta agriculture producer and commodity groups, representing a cross-section of Alberta’s diverse agriculture industry can be found here.