In order to mitigate the impact of the Covid-19 pandemic, the Ministry ofNational Food Security & Research has launched a markup subsidy schemeunder the Fiscal Package announced by the Prime Minister for theagriculture sector.
As per details, an amount of Rs 6.861 billion would be spent for a 10percent markup subsidy on agriculture loans disbursed by Zarai TarqiatiBank Limited (ZTBL). The scheme is valid all over the country includingAJ&K and Gilgit-Baltistan.
Under the scheme, the government would bear a markup 10pc on agriculturalloan for Fiscal Year 2020-21 i.e. July 1, 2020 to June 30, 2021 andindividual farmer shall bear balance mark up as per agreed terms.
Farmers up to 12.5 acres of land holding with Pass Book as collateral areeligible. The subsidy shall also be available on the date of full paymentof loan or the due date, or up to June 30, 2021, whichever is earlier.
In case of default, the borrower shall be liable to pay applicable mark upfor the defaulted period. All Agri-loans (Production and Development) fallunder as per above criteria, are eligible.
Farmers are advised to contact nearest ZTBL branch for the adjustment ofthe subsidy against their loans.
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Furthermore, the Ministry of National Food Security & Research has alsolaunched a cotton whitefly subsidy scheme under the Fiscal Packageannounced by the Prime Minister.
An amount of Rs6bn would be spent as subsidy on purchase of whiteflyrelated pesticides. A subsidy at the rate of Rs. 300/pack of pesticidemeant for white fly is being offered. The subsidy would be Rs.300 perapplication at an average of 4 applications per acre and will cover 5million acres in Punjab and Sindh Province, which is around 80pc of thecotton area.
The scheme is operational and cotton growers are advised to purchasesubsidized pesticides which are available in the market.
