That the State Bank of Pakistan has been playing a highly meaningful role under the leadership of Dr Reza Baqir is a fact that has found its best expression from the central bank’s decision to set Rs 1.7 trillion agriculture credit disbursement target for this fiscal year (FY22).

The banks had provided agri credit of over Rs 1.3 trillion during FY21. Agriculture deserves attention for a variety of reasons. Its development is critical to ensuring food security in the country. How ironic it is that although we are essentially an agrarian country, we have been importing wheat, sugar, etc., for quite some time. The State Bank of Pakistan is required to ensure that increased lending to agriculture sector must result in higher agri output. It is quite unfortunate that a major part of agri lending is not spent on the development of agriculture, including availability of urea, seeds and other agri inputs.

Saleem Raza (Karachi)

Copyright Business Recorder, 2021