Hafeez Shaikh reviews steps taken to improve agricultural lending
Published on March 08, 2021 10:10 p.m.
Finance Minister urged all parties concerned to come up with a clear action plan
ISLAMABAD (Dunya News) – Federal Minister of Finance and Revenue Dr Abdul Hafeez Shaikh on Tuesday chaired a meeting on the Agriculture Transformation Plan at the Finance Division.
Federal Minister of National Food Security and Research Syed Fakhar Imam, Governor of State Bank of Pakistan Dr Reza Baqir, Secretary of Law and Justice Division, Secretary of Economic Affairs Division, Secretary of Ministry of National Food Security and Research, Chairman of National Bank of Pakistan, Chairman of ZTBL, Chairman of Bank of Punjab, senior members of Boards of Revenue from Punjab, Sindh, KP, Balochistan and AJK and senior officials from the Finance Division attended the meeting.
The meeting reviewed the progress made on the Prime Minister’s orientations to improve agricultural credit for the agricultural sector. The Deputy Governor of State Bank of Pakistan made a presentation on the consultative process followed with key stakeholders and detailed proposals to improve agricultural credit.
It was recommended that the Agricultural, Commercial and Industrial Loans Act 1973 (LACIP) be made more effective by making changes in the areas of foreclosure and simultaneously streamlining the procedures for prompt processing of agricultural loans. It was also stressed that judges against vacancies in banking courts should be appointed as a priority.
Speaking on this occasion, the Minister of Finance urged all those concerned to develop a clear action plan as well as a timetable and an accountability matrix to finalize the various proposals presented at the meeting. It formed a 5-member committee comprising the Secretary of the Law and Justice Division, the NFS & R Secretary, the SBP Governor and other senior officials from the relevant institutions and ministries to accomplish the task.
The Minister of Finance reiterated the government’s strong commitment to promote the agricultural sector through the effective and rapid implementation of the Agriculture Transformation Plan as approved by the Prime Minister, he concluded.