Finance minister vows to promote agriculture sector

ISLAMABAD: Minister for Finance and Revenue Dr. Abdul Hafeez Shaikh Monday reiterated government's commitment for promoting agriculture sector through effective and speedy implementation of Agriculture Transformation Plan as approved by the Prime Minister.

To execute the plan, the minister constituted a five member committee comprising Secretary Law and Justice Division, Secretary National Food Security and Research, Governor SBP and other senior officials of the relevant institutions and Ministries.

Hafeez Shaikh was chairing a meeting here to review progress on Agriculture Tranformation Plan.

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 with key stakeholders and detailed proposals to enhance the agriculture credit.

It was recommended to make 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 emphasized that judges against vacant positions in Banking Courts need to be appointed on priority.

Speaking on the occasion, the Finance Minister urged all concerned to come up with clear action plan along with time lines and responsibility matrix to finalize different proposals presented in the meeting.

Minister for National Food Security and Research Syed Fakhar Imam, Governor State Bank of Pakistan Dr. Reza Baqir, Secretary Law and Justice Division, Secretary Economic Affairs Division, Secretary Ministry of National Food Security and Research, President National Bank of Pakistan, President ZTBL, President Bank of Punjab, senior members from Boards of Revenue of Punjab, Sindh, KP, Balochistan & AJK and senior officials from the Finance Division participated in the meeting.