ECC Okays extension in Kissan package financing schemes until year’s end

Islamabad: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday granted an extension for the Financing Schemes of the Kissan Package until the year's end, as reported on Tuesday.

Under the chairmanship of Finance Minister Ishaq Dar, the meeting reviewed a summary presented by the Ministry of National Food Security & Research, proposing an extension for the Financial Schemes of the Kissan Package 2022.

The ECC authorized the extension of the time frame until December 31, 2023, for the Financing Schemes of the Kissan Package, based on the available fiscal capacity.

The encompassed schemes are as follows:

Subsidy provision for interest-free loans targeting subsistence farmers in flood-affected regions.

PM’s Youth Business and Agriculture Loan Scheme (PMYBALS)

Markup Subsidy & Risk Sharing Scheme for Farm Mechanization (MSRSSFM)

Interest-Free Loan aimed at landless farmers in flood-affected zones.

The committee reviewed a summary from the Ministry of Industries and Production outlining the urea fertilizer requirement for the upcoming Rabi season of 2023-24.

In accordance with the recommendations put forth by the Fertilizer Review Committee (FRC), the ECC determined that plants reliant on Sui Northern Gas Pipelines Limited (SNGPL), namely Fatima Fertilizer (Sheikhupura) and Agritech, would be allowed to operate until October 15, 2023.

Simultaneously, the Finance Division submitted a comprehensive summary concerning the SME Asaan Finance (SAAF) Scheme for the ECC's consideration. The ECC has endorsed the revised features of the scheme along with its budgetary impact, as proposed by the State Bank of Pakistan.

In addition, a summary from the Pakistan Atomic Energy Commission was deliberated regarding the issuance of Government of Pakistan Guarantee for the Chashma Nuclear Power Project Unit -5 (C-5).