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News In Brief

Reagan proposes program to shore up farm finances

President Reagan announced a four-point program yesterday to help financially strapped farmers ''get back on their feet'' by temporarily deferring repayment of government loans and by providing $630 million in federal loan guarantees for restructuring farmers' existing debts.

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Mr. Reagan said he was directing the Farmers Home Administration, the lender of last resort to farmers, to defer up to 25 percent of the principal and interest on government loans for five years. The plan also calls for the agency to contract with local banks and private lending institutions to speed up loan processing.