ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved an extension in validity of “mark-up subsidy and risk sharing scheme for farm mechanization (MSRSSFM)” from 1st January 2024 to 30 June 2024.

The prime minister was pleased to announce Kissan Package-2022 on 31 October 2022, which was notified on 12th December 2022. The implementation Committee of Kissan Package-2022 monitored the implementation status of the package through regular meetings. The package has had a positive impact on the farmers, especially in flood-affected districts.

Most of the schemes of the Kissan Package ended on 30th June 2023. One financing scheme “MSRSSFM” of Kissan Package-2022, mainly focused on providing concessional access to credit (seven per cent) for purchasing agricultural machinery expired on 31 December 2023.

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Under this scheme, Rs56 billion were allocated, of which, almost Rs28 billion (50 per cent) have been disbursed as of 27th December 2023.

The State Bank of Pakistan (SBP) has requested this ministry for an extension in the validity of the scheme to benefit the farmers and farm mechanisation in the country. There will be no financial implications of extension in this scheme, as budgetary allocations are already available with the Ministry of Finance under the current year’s budget.

Therefore, the ECC was requested for approval in six month’s time extension in validity of “MSRSSFM” from 1st January 2024 to 30 June 2024 and that the concerned Ministries/ Divisions/ Organisations may be directed to implement the same in letter and spirit.

Copyright Business Recorder, 2024