EN 
PT_BR The publication of Provisional Measure No. 1,376 represents an important step forward for thousands of rural producers affected by successive climate losses, falling agricultural prices, and compromised payment capacity. The text incorporates proposals advocated by Aprosoja MT and other entities in the productive sector, expands the possibilities for debt renegotiation, and initiates the construction of a guarantee fund for rural credit. Even so, the measure does not definitively resolve the debt accumulated in recent years.
Among the main challenges that remain are the payment of interest during the grace period, the financial limits of the renegotiation lines, and criteria that still restrict access for some producers to the benefits provided.
The construction of this solution did not begin now. In recent months, Aprosoja MT has been working continuously to defend rural producers, supporting the approval of Bill No. 5,122/2023, proposing the temporary suspension of collections while an alternative was being developed, and providing technical contributions to the Federal Government to preserve access to rural credit, review existing guarantees, reduce regulatory obstacles, and prevent renegotiation from automatically compromising the producer's risk rating.
The conditions established by the Provisional Measure vary according to the intensity and recurrence of the losses.
General rule: producers and cooperatives that prove, between 2019 and 2025, a reduction of at least 30% in gross income in two or more harvests, caused by extreme weather events or a drop in agricultural prices, may renegotiate their operations for up to eight years. The first principal amortization will occur after two years, but interest must be paid throughout this period. The rates will be 6% per year for Pronaf operations, 9% for Pronamp, and 12% for other producers. The limits will be R$ 400 thousand, R$ 2 million, and R$ 4 million, respectively.
More severe climate losses: producers and cooperatives that prove a minimum reduction of 40% in gross income over three or more harvests due to extreme weather events may renegotiate their operations for up to ten years. Interest rates will be 5% per year for Pronaf, 8% for Pronamp, and 11% for other producers, with limits of R$ 500,000, R$ 2.5 million, and R$ 8 million, respectively. In these operations, interest must also be paid during the principal grace period.
Investment operations: installments that are due or will become due between January 1, 2024, and December 31, 2026, may be included, provided they result from financing agreements contracted up to the end of 2025, that are in default from 2024 onwards, and that remain in that condition on May 31, 2026.
The Provisional Measure also covers financing, marketing, and industrialization operations that have already been renegotiated or extended until May 31, 2026, provided they are in good standing at the time of contracting the new line of credit. Operations contracted until the end of 2025 that, even after prior renegotiation, became delinquent from 2024 onwards and remained delinquent on May 31, 2026, may also be included.
Amounts exceeding the limits of official credit lines may be renegotiated directly with financial institutions using funds from Agribusiness Credit Notes (LCA), Rural Savings, or other freely available sources, with rates negotiated between the parties and a term of up to eight years.
Another important advancement is that these operations will now be evaluated as new financing for risk classification purposes. This measure reduces regulatory disincentives to renegotiations, prevents the simple restructuring of debt from automatically harming the producer's financial history, and preserves the conditions for contracting new rural credit operations.
The provisional measure also authorizes the review of guarantees for transactions, allowing for their reduction when there is an excess in relation to the outstanding balance, or their supplementation when they are considered insufficient for the new transaction.
According to Aprosoja MT, although it represents progress, the requirement to pay interest during the grace period maintains significant pressure on cash flow precisely during the period when producers need to recover their financial capacity. Therefore, the organization will continue working to improve the text during its passage through the National Congress.
“The producer needed an immediate response, and part of that response came with the publication of the Provisional Measure. We recognize the advances incorporated into the text, many of which were advocated by the sector's representative entities. But the problem of rural indebtedness has not yet been definitively solved. We will continue working to improve the measure during its passage through Congress and build a permanent rural credit policy that preserves the capacity for investment, production, and food generation in Brazil,” says Lucas Costa Beber, president of Aprosoja MT and Aprosoja Brasil.
Guarantee fund
Another point considered strategic by Aprosoja MT is the authorization to create a rural credit guarantee fund, a proposal developed jointly by Aprosoja MT, Aprosoja Brasil, Ampa, Abrapa, and Famato.
The Provisional Measure authorizes the participation of the Federal Government as a shareholder, alongside rural producers and financial institutions, and also allows the participation of other federative entities. According to the Ministry of Finance, the initial contribution from the Federal Government could reach R$2 billion.
According to the model advocated by these entities, this asset base could leverage a much larger volume of credit than the capital initially invested, sharing part of the operational risk, reducing the requirement for collateral, expanding access to credit, and contributing to more competitive interest rates.
For Aprosoja MT, however, limiting the fund only to producers affected by climate events reduces its potential. The organization argues that the mechanism should be permanent and aim to strengthen the entire rural credit policy, protecting producers also against price fluctuations, increased production costs, and liquidity crises.
The effectiveness of the fund will depend on regulation, capitalization, and the definition of operational rules that ensure its benefits effectively reach the producers.
Guidance for producers
The operationalization of the credit lines will depend on regulations from the National Monetary Council (CMN). As the contracting period will be 120 days, Aprosoja MT advises producers to contact their financial institution to verify eligibility, gather the necessary documentation, and request complete simulations comparing the term, total effective cost, interest during the grace period, guarantee requirements, and final value of the transaction before contracting.
Aprosoja MT will also hold an extraordinary meeting of the Agricultural Policy Committee to present a detailed technical analysis of the Provisional Measure, guide producers, and consolidate proposals for improvement that will be defended during the processing of the matter in the National Congress.
The organization will monitor all stages of the regulatory and legislative process, maintaining its role in advocating for a structural, permanent solution that is compatible with the economic reality of Brazilian agricultural production.
