LAHORE: It has been decided to provide the farmers with 70% of the loan straightaway in return for wheat for the construction of 2.5 million metric tons of strategic wheat reserves in Punjab.
Therefore, a decision has been taken to immediately operationalize the e-warehouse receipt system. A proposal was put for approval for the appointment of the Bank of Punjab as manager of the wheat loan program.
An allocation of Rs 1.029 billion has been made for repairing government warehouses, and the old warehouses will be upgraded through C&W or PASCO.
A digital dashboard will be developed that displays daily details of loans issued to farmers, including reserves and receipts.
It has also been proposed to increase wheat procurement funds from Rs 51 billion to Rs 64 billion, while all unused warehouses are to be provided to the private sector. Wheat will be purchased by the government itself in case of any market crash.
To this end, wheat procurement, storage, and monitoring will be managed by district strategic reserve committees.
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