ISLAMABAD: National Assembly Speaker Asad Qaiser on Tuesday formed a task force to devise a practical strategy for enhancing farmers’ access to affordable production loans to raise agricultural productivity.

Agriculture sector accounts for nearly 19 per cent of the country’s economy, however there is a wide gap between what agriculture contributes and what it gets in terms of lending from formal sources, Qaiser said while presiding over a meeting of the National Assembly’s Special Committee on Agricultural Products.

He said access to cheap and affordable production loans was crucial to enhance small farmers’ productivity and help them break the vicious cycle of abject poverty. The significantly large gap in demand and supply of agricultural loans warrants comprehensive and dispassionate analysis, he added.

Speaker asked State Bank of Pakistan (SBP) governor to nominate a senior official of the bank to the task force comprising members of the National Assembly, Zarai Taraqiati Bank Ltd president and finance and national food security secretaries.

SBP Governor Raza Baqir, who attended the meeting via video link lauded the formation of a task force and assured complete support to the committee on matters related to farmers’ financial inclusion and economic development. He also briefed committee members on various initiatives taken by the SBP and answered their questions.

Published in Dawn, August 26th, 2020