By revisiting the AFMA Credit Chapter's status of implementation after three years since the passage of the law, this paper provides a classic case study on the process of government policy reform. Several hitches characterize the implementation of the reforms embodied in the AFMA Credit Chapter. Despite the delays, the groundwork for the implementation of the mentioned reforms has finally been put in place. However, the consummation of the reforms still depends on the completion of several unsettled business, including the finalization of the agri-directed credit program (DCP) phase out plans and the immediate allocation of funding out of the annual AFMA budget to support the operationalization of the Agro-Industry Modernization Credit and Financing Program (AMCFP). But above the procedural delays, perhaps the more glaring testimony to the difficulty of carrying out changes is the threat of policy reversal due to incessant but misguided calls from several interest groups. With barely one and a half years remaining for the final consolidation and transfer of funds to the AMCFP, therefore, the AFMA Credit Chapter reforms are already near and yet, remain a distant reality.
