Economic Coordination Committee takes important decisions including multi billion rupees agriculture package

Shares
Economic Coordination Committee takes important decisions including multi billion rupees agriculture package

ISLAMABAD: Economic Coordination Committee takes important decisions including multi billion rupees agriculture package.

Economic Coordination Committee has approved a multi-billion agriculture package to provide subsidy to farmers on fertilizers and pesticides, reduction in bank mark-up on agriculture loans, and sales tax subsidy on locally manufactured tractors.

Meeting of ECC was held in Islamabad on Wednesday with Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh in the chair.

The agriculture package is part of the 100 billion rupees earmarked out of the 1,200-billion rupees coronavirus relief package, for the Small and Medium Enterprises and the agriculture sector.

Under the package, subsidy to the tune of approximately 37 billion rupees would be offered to farmers on the purchase of fertilizers.

The subsidy scheme will be implemented by provinces and the amount will be disbursed through scratch card scheme already being implemented in Punjab.

Reduction in mark-up of agriculture loans to farmers at the total cost of 8.8 billion rupees and subsidy on cotton seed at a cost of 2.3 billion rupees and White Fly pesticides at a cost of 6 billion rupees were also approved.

The package would also include 2.5 billion rupees subsidy on sales tax on the locally-manufactured tractors for a period of one year.

The ECC also approved a proposal by the Poverty Alleviation & Social Safety Division for disbursement of the Special Relief Package for the population living along the Line of Control.