Government to immediately fill banking court judges positions – Journal
ISLAMABAD: A meeting chaired Monday by Minister of Finance Dr Abdul Hafeez Shaikh decided to immediately fill all vacant positions of bank court judges and improve legislation on agricultural loans for effective implementation of the agricultural transformation plan of the Prime Minister.
The meeting reviewed the progress of the Prime Minister’s directives to increase agricultural credit for the agricultural sector.
The meeting was attended by Minister of National Food Security and Research Syed Fakhar Imam, Governor of State Bank of Pakistan, Secretaries of Law and Justice, Economic Affairs Division, National Food Security and Research, Presidents of National Bank of Pakistan, ZTBL, Bank of Punjab and senior members of Boards of Revenue of Punjab, Sindh, KP, Balochistan and Azad Jammu & Kashmir.
Legislation on agricultural loans needs to be improved for effective implementation of the PM’s agriculture transformation plan
The Deputy Governor of the SBP made a presentation on the consultative process followed with the main stakeholders and detailed proposals to improve agricultural credit.
The SBP recommended improving the Agricultural, Commercial and Industrial Loans Act 1973 (LACIP), making it more effective through changes in input areas and simultaneously streamlining procedures for the speedy processing of claims. agricultural loans.
The central bank has also placed emphasis on the appointment of judges in priority to vacant posts of judges in banking courts.
Dr Shaikh said a clear action plan should be presented with timelines and a responsibility matrix to finalize the various proposals needed to help farmers credit.
The meeting also formed a five-member committee comprising of law and justice secretaries, NFS & R, the Governor of State Bank of Pakistan and other senior officials from relevant institutions to accomplish the task.
The Minister of Finance called on all stakeholders to fully support the promotion of the agricultural sector through the effective and rapid implementation of the agricultural transformation plan as approved by the Prime Minister.
The plan, approved by the prime minister last month, called for a substantial increase in the production of major crops by reforming the farm input regime, including the provision of quality seeds, best practices and easy access to credit for farmers. . The plan aims to increase cotton production by 65%, rice and corn production by 40% and sugar cane production by more than 20%.
The plan involves improving water efficiency, digitizing the subsidy mechanism, simplifying access to credit, proper land documentation, and better storage and transportation facilities.
After the Prime Minister approved the agricultural transformation plan last week, the government reported that the agricultural sector’s contribution to the country’s GDP could be increased to around $ 75 billion by 2031, from less than $ 50 billion. dollars last year with interventions contemplated in the plan.
Posted in Dawn, March 9, 2021