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payment-in-kind
payment-in-kind definition - finance
A program run by the U.S. Department of Agriculture
that pays farmers for stopping or limiting the planting and production of
specific products. For instance, the USDA offered sugar cane and sugar beet
growers the choice of not producing some of their 2001 crop in exchange for
receiving sugar that was already in storage that the farms could sell. The PIK
program was started by USDA Secretary John Block in 1983, during Ronald
ReaganÂ’s administration.
Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.
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