Multan December 20 2021: Dr. Reza Baqir, Governor SBP chairs annual meeting of Agricultural Credit Advisory Committee today in Multan.
He lauds banks performance in achieving unprecedented level of agriculture credit disbursement of PKR 1.4 trillion in FY21 and announces FY22 target as PKR 1.7trillion.
Currently, 50 agriculture lending institutions are providing agricultural loans to farmers including five major commercial banks, two specialized banks (ZTBL & PPCBL), 14 domestic private banks, 5 Islamic banks, 11 microfinance banks and 13 microfinance institutions/rural support programmes (MFIs/RSPs).
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The agriculture sector’s performance during 2020-21 broadly stands encouraging as it grows by 2.77 percent against the target of 2.8 percent. The growth of important crops (wheat, rice, sugarcane, maize and cotton) during the year is 4.65 percent. The production of major Kharif crops 2020, such as sugarcane, maize and rice indicated considerable improvement compared to last year and surpassed the production targets. The production of sugarcane increased by 22.0 percent to 81.009 million tonnes from 66.380 million tonnes, rice by 13.6 percent to 8.419 million tonnes from 7.414 million tonnes and maize by 7.4 percent to 8.465 million tonnes from 7.883 million tonnes. However, the cotton crop suffered mainly due to decline in area sown, heavy monsoon rains and pest attacks. The cotton production reduced by 22.8 percent, to 7.064 million bales from 9.148 million bales last year.