LAHORE, April 28: The Punjab government’s decision to provide free education up to matric level in its 63,000 schools will cost the province Rs400 million annually.

This was stated by provincial Finance Minister Sardar Hasnain Bahadur Dareshak here on Monday.

In a news release issued here, he said the government was taking policy measures that would have far reaching impact on the development of education, health and agriculture.

Mr Dareshak said the province hoped to secure Rs1 billion from World Bank for improving the conditions of schools.

The minister said a majority of farmers would be benefited from the government decision to exempt land holdings up to 12.5 acres from agriculture tax.

The Bank of Punjab has already announced to reduce interest rate on farm loans to nine per cent from 14 per cent to boost agriculture in the province, he concluded.