LAHORE: In a first for Punjab, the provincial government has approved Rs15 billion for 550,000 wheat farmers, under the Wheat Support Fund.
Wheat farmers across Punjab will be given direct financial support through Kisan Card, Chief Minister Maryam Nawaz said on Wednesday. She also announced exemption in fixed tax.
The government of Punjab has also approved free storage facility for wheat farmers for four months, to protect wheat from weather effects. The move is also aimed at protecting farmers from market pressure.
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Punjab leadership has also decided to implement EWR (Electronic Warehousing Receipt) system. Farmers storing wheat under the EWR system will receive an electronic receipt, which will be acceptable in banks as a cheque within 24 hours of issuance. With this receipt, farmers can obtain loans of up to 70 per cent of the total cost of wheat.
The Punjab government will also cover up to Rs100 billion in markup on loans taken by flour mill owners and green license holders from the Bank of Punjab (BoP).
The BoP will provide financing to the private sector for the renovation and construction of warehouses for wheat storage. “I will not allow farmers to suffer losses,” CM Maryam Nawaz said.