KARACHI: Deputy Governor State Bank of Pakistan (SBP) Saleem Ullah emphasized the need for greater focus on agriculture development to resolve Pakistan’s economic challenges.

Speaking at the Dalfa Cattle Show 2024 at the Karachi Expo Center, he said unfortunately, the agriculture sector has not received due attention and priority in the country historically. “If the agriculture sector is developed, most major economic issues facing Pakistan can be addressed, including low economic growth, inflation, unemployment, and food insecurity,” he added.

Sharing SBP’s agriculture promotion initiatives, Saleem Ullah informed that SBP is working on launching a new agriculture development project within the next two to three months. This project will facilitate small farmers’ access to formal financial channels and improve their productivity. Currently, 75% of smallholders meet their financing needs from the informal sector under stringent conditions.

Appreciating Dalfa’s role, the Deputy Governor urged more institutions to collaborate with SBP and banks to jointly provide solutions for small-scale farmers, which form the most vulnerable segment of the agriculture sector.

Copyright Business Recorder, 2024