STAFF REPORT ISB: A relief package for small farmers amounting Rs 341 billion was announced by Prime Minister, Nawaz Sharif at a ceremony held the other day.
The Famers Convention was held to highlight the issues faced by small farmers and suggest efforts required to curb them through effective policy measures. Prime Minister while announcing the package stated on the occasion, “The relief package is the continuity of governments upright policies to develop progress agriculture, reducing production cost, increasing yield and equipping small farmers with technology in order to adapt best farming practices in the field”.
According to the relief package, small farmers would get Rs 147 billion as direct benefit, while Rs 194 billion had been allocated for agriculture loans. The farmers cultivating rice and cotton up to 12.5 acres of land would be provided with cash of Rs 5000 per acre. The overall cost of government on this facility on rice and cotton crops will be Rs 20 billion.
Zarai Taraqiati Bank Limited (ZTBL) and other commercial banks would provide one-window facility to the farmers seeking loans. The value of production unit had been increased from Rs 2,000 to Rs 4,000, which would help farmers get double the amount of loan against their land value.