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He also announced Rs50 billion in loans for young people living in rural areas who want to become professional farmers. “The loans to young people will have a lower markup than the market rate, and the government has set aside nearly Rs6.5 billion for this venture,” he added.
He stated that Finance Minister Ishaq Dar will oversee the Kissan package and ensure loan distribution to farmers, noting that commercial banks typically avoid lending to small farmers and entrepreneurs in favour of more secure investments.
After heavy rains and subsequent floods hit the agriculture sector, Prime Minister Shehbaz Sharif unveiled the Kissan package for farmers on Monday.
PM Shehbaz Sharif, speaking at a press conference alongside other federal ministers, said the government would provide farmers with loans worth Rs1800 billion for the current fiscal year 2022-33.
In describing the Kissan package, the prime minister stated that the markup on loans made to flood-affected farmers has been waived, and the government has allocated nearly Rs11 billion in this regard.
In addition, the premier stated that the federal and provincial governments would provide more than Rs8 billion to small farmers in flood-affected areas.
