ISLAMABAD: Minister for Finance and Revenue Dr. Abdul Hafeez Shaikh has restated the government’s pledges for promoting the agriculture sector through the speedy implementation of the Agriculture Transformation Plan as approved by Prime Minister Imran Khan.
Hafeez Shaikh chaired a meeting on Monday to review the progress on the directions of Prime Minister Imran Khan to enhance agriculture credit for the farming sector.
To accomplish the plan, the minister formed a five-member committee comprising the Secretary Law and Justice Division, Secretary National Food Security and Research, Governor SBP and other senior officials of the relevant institutions and Ministries.
The meeting also reviewed the progress on the directions of the Prime Minister to enhance agriculture credit for the farming sector. The Deputy Governor, State Bank of Pakistan made a presentation on the consultative process followed by key stakeholders and detailed proposals to enhance the agriculture credit.
It was suggested to make the 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 urged that judges against vacant positions in Banking Courts need to be appointed on priority.
The Finance Minister urged all concerned to come up with a clear action plan along with timelines and responsibility matrix to finalize different proposals presented in the meeting.
It is worth mentioning here in the first phase of the Agricultural Transformation Plan, eight major steps were identified, which include reforms in the seed sector, the introduction of digital subsidy, encouraging utilization of modern machinery, effective use of water, provision of credit to farmers, reorganization of extension services, storage facilities and reforms in agriculture research.
