KARACHI ( Web News )
The amount of agricultural loans issued during the financial year 21 increased by Rs. 1,366 billion which shows 12% growth over the financial year 20 despite the epidemic of COVID-19 and the challenges of climate change. This launch is a collective effort of 49 financial institutions As a result, it managed to meet 91% of the target of Rs. 1,500 billion for the year. At the end of June 2021, the amount owed by the agricultural loan is Rs. 628 billion, which is Rs. 8 from the amount due in the agricultural loan at the end of June 2020 More than a percentage.
Thus, the growth rate was 2.77% during the financial year 21. However, the number of agricultural borrowers decreased by 5% which was 3.7 million in the financial year 20 and 3.5 million during the financial year 21. The main reason for this continued Limited access is reported due to the epidemic. According to the central bank, during the financial year 21, commercial banks, specialized banks, and Islamic banks showed satisfactory performance Trand distributed Rs. 1,210 billion against the target of Rs. 1,277 billion, thus achieving 95% of the target However, microfinance banks met the 73% target as a group.
They issued agricultural loans of Rs. 132 million to small farmers. Similarly, the Microfinance Institutions / Rural Support Program met its 57% target by issuing loans of Rs. 23 billion to small and very small farmers. State Bank ruled And coordinated efforts have been made for the development and commercialization of the agricultural sector through the provision of formal financial services in collaboration with the private sector.
Also, the SBP’s proactive efforts to overcome the risks associated with Cod 19 have boosted the economy and their As a result, economic activity in all major sectors, including agriculture, recovered rapidly. At the same time, the SBP reduced the policy rate by 625 basis points to allow banks to defer recovery of the original loan amount to overcome the economic stalemate Offer to do and restructure agricultural loans. As of April 2021, approximately 2 million lenders in the agricultural and microfinance sectors had facilitated the suspension of the original amount and the restructuring of loans owed Rs. 132 billion. State Bank plans and policies Measures to protect food in the country (food security) Helped solve the key problem, created a conducive regulatory environment, increased women’s participation, and innovated farming methods. In addition, the SBP has partnered with local government officials to create bank partnerships and obtain loans Facilitated the use of automatic land records