Saturday, April 20, 2024

Govt to Include Farm Package Worth Rs.110 Billion in Upcoming Budget

With the 2018 general elections in mind, the PTI government would present an agriculture reform package of Rs110 billion in the 2019 budget, as well as raising loan by over 80% to Rs2.7 trillion in the next three years to significantly increase crop yield and farmers’ income.

Chairman of the Prime Minister’s Task Force on Agriculture Jamshed Iqbal Cheema, flanked by Information Minister Fawad Chaudhry, stated at a news conference that the Rs110 billion package would be executed in three years and funded 50:50 by the Centre and the provinces.

Mr. Cheema said the federal government would be allocating about Rs25-30 billion in the 2019 budget for the first year, with the exact amount to be announced once required approvals are obtained. He said he presented the concept to the prime minister, who approved it first and then named him as his special assistant for food security (SAPM).

Mr. Cheema said the proposal will include roughly four important elements, including a Rs40 billion scheme to import semen for administration to animals, which would be provided to farmers free of charge or at a nominal cost in order to boost livestock productivity. The provinces will cover half of the project’s costs.

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