ISLAMABAD: Finance and Revenue Minister, Dr Abdul Hafeez Shaikh Monday constituted a five-member committee and asked it to come up with a clear action plan along with timelines to strengthen Loan for Agriculture, Commercial & Industrial Purposes (LACIP) Act, 1973 for enhancement of agriculture credit.
A meeting on Agriculture Transformation Plan presided over by Dr Shaikh reviewed the progress on the directions of Prime Minister Imran Khan to enhance agriculture credit for the farming sector.
The meeting 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 (SBP) made a presentation on the consultative process followed with key stakeholders and detailed proposals to enhance the agriculture credit.
The meeting recommended making LACIP Act, 1973 more effective by bringing amendments in areas of foreclosure and simultaneously streamlining procedures for swift processing of agriculture loans.
The meeting 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 timelines and responsibility matrix to finalize different proposals presented in the meeting.
He also constituted a five members committee comprising secretary Law and Justice Division, Secretary NFS&R, Governor SBP and other senior officials of the relevant institutions and ministries to complete the task.
The minister reiterated the firm commitment of the government for promoting agriculture sector through effective and speedy implementation of Agriculture Transformation Plan as approved by the prime minister.
Federal Minister for National Food Security and Research Syed Fakhar Imam, Governor SBP 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.
Copyright Business Recorder, 2021