Banks to disburse Rs56b for farm mechanisation

Committee was informed that banks have achieved 45% of financial target of the Prime Minister’s Kissan Package

ISLAMABAD:

State Bank of Pakistan (SBP) Deputy Governor Seema Kamil has said commercial banks will soon start disbursing Rs56 billion for farm mechanization.

It was discussed in a meeting of the committee formed by Prime Minister Shehbaz Sharif to improve the production of agriculture.

The meeting was presided by Federal Minister for Food Security and Research Tariq Bashir Cheema.

The PM had constituted the committee to suggest measures to improve agricultural production and review measures for availability of quality seeds, inputs and farm machinery.

Kamil told the committee that the banks have achieved 45% of the financial target of the Prime Minister’s Kissan Package.

He further said that Rs444 billion has been disbursed for the purpose of agriculture and Rs401 billion for livestock, benefiting 3.2 million farming households.

Minister for Food Security and Research Tariq Cheema said that this forum provides an opportunity to comprehensively review the agricultural sector and find ways to improve its production.

He added that all efforts should be made to improve the agriculture sector and bring our farmers on a par with their international counterparts.

Cheema said that he will brief the PM on the recommendations of the committee.

Food Security Commissioner Wasimul Hasan told the panel that per acre production of progressive farmers in Pakistan is higher than the national average.

He added that tractors, cultivators, disc harrows, rotavators are used in almost every crop.

Secretary National Food Security and Research Zafar Hasan said that the ministry has extensively worked on ‘track and trace’ of seed bags. He hoped that it would become operational within 3 months and help improve seed quality and availability.