Minister for Finance and Revenue Abdul Hafeez Shaikh reiterated the government’s commitment towards promoting agriculture sector through effective and speedy implementation of the Agriculture Transformation Plan as approved by the prime minister.
To execute the plan, the minister constituted a five-member committee comprising Law and Justice Division secretary, National Food Security and Research secretary, State Bank of Pakistan (SBP) governor and other senior officials of relevant institutions and ministries.
Shaikh’s comments came during a meeting to review progress on Agriculture Transformation Plan on Monday.
The meeting also reviewed the progress on the directions of the Prime Minister to enhance agriculture credit for the farming sector.
The SBP deputy governor made a presentation on the consultative process followed with key stakeholders and detailed proposals to enhance the agriculture credit. It was recommended to make Loan for Agriculture, Commercial and Industrial Purposes (LACIP) Act 1973 more effective by bringing amendments in areas of foreclosure and simultaneously streamlining procedures for swift processing of agriculture loans. It was also emphasised that judges against vacant positions in banking courts need to be appointed on priority.
Speaking on the occasion, the finance minister urged all concerned to come up with a clear action plan along with timelines and responsibility matrix to finalise different proposals presented in the meeting.
Published in The Express Tribune, March 9th, 2021.
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