ISLAMABAD: The Finance Ministry is planning to announce another subsidy package to farmers in the upcoming budget of fiscal year 2017-18. Moreover, the Finance Ministry has also directed banks including the National Bank of Pakistan to reduce markup rates for agriculture sector.
During discussion on suitable reduction in present high markup rates on loans of agriculture sector along with possibility for open import of fertilizer in the country, Finance Secretary Tariq Bajwa told the National Assembly Standing Committee on Finance and Revenue that only 22 % lending to agriculture sector was made by the ZTBL and rest of 78% was lying with commercial banks.
The committee directed the Ministry of Finance and Revenue and ZTBL to review its markup policy for agriculture sector. The committee was of the firm opinion that markup ratio on agriculture lending should be equal to industrial loan ratio.
The committee discussed the possibility for open import of fertilizer in the country. The committee was informed by the representative from Ministry of Industries & Production that fertilizer sector was exporting urea (fertilizer).
The committee showed concerns over the export of urea by the fertilizer industries. The committee was informed by the representative from Industry that government was supplying gas and LNG to fertilizer units.
The committee was informed by the senior Director, NAB regarding NBP Bangladesh scam inquiry status. He said that reference in this regard has been finalized, which will be presented to the NAB Board by tomorrow for its final approval.
The committee has shown its displeasure for not completing the reference by the NAB for last one year. The committee directed the NAB for providing the details on the matter in the next meeting of the committee.
The Group Chief from NBP informed the Committee that NBP has already been taken necessary action against the accused. However, the committee was of the opinion that matter was lying with NAB for taking further action in this regard.
The committee was briefed by the Governor, SBP regarding implementation on the proposal of trade between Pakistan and Iran in their respective local currency. He said that the matter was discussed in the Cabinet meeting and Cabinet has decided to open the trade relations with Iranian Banks, however, the approval of the minutes of said Cabinet meeting is awaited for further necessary action. He stated that hopefully the matter will be resolved, soon.
