July 26 2002, 11:20 UNIAN

Ukraine: ca. $188mln of loss due to natural calamities

In 2002 losses of Ukrainian farmers due to natural calamities have been over UAH1 billion (around US$ 187.6 million), Ukrainian Vice-Prime-Minister for agriculture Leonid Kozachenko said Thursday at a seminar, devoted to risk insurance in farming sector. He said that grain crop losses alone were around UAH600 million (around US$112.6 million). "I'd like to note that the year has not finished yet and more losses are quite possible," he said.

He said that the most efficient way to solve the issue was risk insurance development in farming sector of Ukraine. One of its most attractive features were fund-raising opportunities, because banks more willingly provided loans, which were guaranteed by insured crops.