US to offer Poland aid to ease corn shortage
The United States will offer Poland $60.5 million to finance an emergency purchase of US corn, Agriculture Secretary John R. Block announced. A shortage of grain is threatening livestock herds and poultry, forcing the Polish government to tighten meat rations and raise prices.
The United States will provide two low-interest loans for buying 400,000 metric tons of corn from private grain companies. The Food for Peace program will lend $55 million, and the remaining $5.5 million will come from a 10-year low-interest loan from the US Commodity Credit Corporation. Interest payments on the second loan will be postponed for three years. Congressional approval of the aid is not required.