PM Shehbaz announces mega 'Kissan Package'

PM Shehbaz announces mega 'Kissan Package'

Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Monday announced a mega Kissan Package under which farmers will be provided subsidised loans worth Rs1800 billion.

While announcing the package along with finance minister, interior minister and information minister in Islamabad, he said as compare to previous year the increase in these loans is Rs400 billion.

"To facilitate the farmers, the coalition government will provide a subsidy of over ten billion rupees to waive off mark-up fee on the loans availed by farmers of flood affected areas," PM Shehbaz said.

The prime minister said that this mega package also includes loans worth Rs50 billion for the youth of rural areas that want to invest in agriculture sector.

For this purpose, the government will provide Rs 6.4 billion as a subsidy on mark-up of loans.

"After successful negotiations with the fertilizers producers, the new price of DAP has been fixed to Rs11,250 per bag. For this purpose the government negotiated a subsidy of Rs2500 per bag with the fertilizer producers," he said.

He said under this package Rs5 billion has been fixed to provide subsidy on markup of loans that will be provided to the farmers of flood affected areas.

The prime minister said Small and Medium Enterprises (SMEs) will be regularized for investment in Agriculture sector.

"The SME's interested in investment in this sector will be able to get loans on subsidized rates and for this purpose we have fixed Rs6.4 billion. Under their modernization scheme Rs10 billion has been fixed.

The prime minister said that keeping in view the increased prices of new tractors, the import of used tractors has also been permitted and now the farmers can import second hand tractors upto five years of their manufacture date.

The subsidy on the duty of five-year old tractor will be 50% while the subsidy on duty fee of three-year old tractor will be 36 %.

"We have also managed to import 500,000 tons of Urea. The import of 200, 000 tons of Urea has been completed while the remaining will be completed soon. PM Shehbaz said, adding that for this purpose the government has provided a subsidy of Rs30 billion.