Sharif likely to announce agriculture relief package
ISLAMABAD: Prime Minister of Pakistan Nawaz Sharif is likely to unveil an agriculture relief package next week after a slump in commodity prices has adversely affected growers who, in some cases, are unable to recover the cost of production.
The premier has directed the Ministry of Finance to finalise the package amid a limited fiscal space due to the tight budget deficit target assigned by the International Monetary Fund (IMF) for this fiscal year.
The back and forth meetings to finalise the package were held on Tuesday in Prime Minister’s Office and in Ministry of Finance, according to officials. So far, the focus remained on assessing the losses to the farming community and the assistance required for them to at least recover their cost of production, they added.
The government is working on two aspects sharing losses with the farming community by giving them cash subsidies and announcing new support prices for major crops, said the officials of Ministry of National Food Security and Research.
So far, the initial discussions have taken place but details have not been finalised, said Punjab Finance Minister Ayesha Ghaus Pasha. She said the package will be finalised in a few days and the Prime Minister would announce the details. The federal government showed seriousness only after opposition parties criticised it for the inaction.
The farming community also protested outside the Punjab Assembly recently to raise their issue.
On average, the prices of rice and cotton have further plunged by at least 25 per cent when compared with the last season, said an agriculture specialist working with the Ministry of Planning and Development.
The cotton seed is traded at Rs 1, 800 to 2,000 per mound as against last year’s rate of Rs 3, 000. The rice prices have dropped to an alarmingly low level.
In November last year, the Economic Coordination Committee of the Cabinet had approved Rs 10 billion as the rice subsidy package. However, the package remains unimplemented, creating doubts about the government’s ability.
— Internews