Prime Minister Urged To Constitute BOD ZTBL For Revamping Agriculture Strength

Former Executive Vice President of Zarai Taraqiati Bank Ltd (ZTBL) Chaudhry Mohammad Asghar has urged Prime Minister Imran Khan to reconstitute the Board of the Directors of the bank as its has been dysfunctional from the last year.

PESHAWAR, (UrduPoint / Pakistan Point News - 26th Oct, 2018 ) :Former Executive Vice President of Zarai Taraqiati Bank Ltd (ZTBL) Chaudhry Mohammad Asghar has urged Prime Minister Imran Khan to reconstitute the Board of the Directors of the bank as its has been dysfunctional from the last year.

In a statement issued here, the former EVP ZTBL stated that ZTBL Board of Director is highest body of the bank which approves and monitors the objectives, strategies and overall business plan of ZTBL and oversee all affairs of the institution.

Care taker government in the last days gave nominations for constitution of Board but could not be notified for want of clearance from state bank. Now it is prerogative of new government (Ministry of Finance) to send fresh nominations of chairman and its members of the Board to State Bank.

He said said ZTBL having the largest network of 460 branches and 32 zonal offices is the only specialized financial institutions geared towards the development of agriculture sector through Provision of financial services and Technical knowhow to the farming community.

However In the light of vision of the Prime Minister, maximum relief and facilitation will be given to farmers promptly for which certain measures required be taken.

The new BOD shall explore all the ways and means to reduce interest rate gradually to single digit at 9% in order to make the farming viable and this will bring down cost of production.

Simialrly ZTBL has disbursed loans of Rs 92.8 billion in FY 2016 and Rs 97.1 billion in FY 2016 respectively to the farmers.

The new Board should examine and ensure equitable distribution of credit among all provinces keeping in view potential of the area.

The new Board should emphasize implementation and utilization of loans properly for increasing productivity and yield of the crops.

Chaudhry Asghar further said that ZTBL disbursed almost 80% loans for production purposes and 20% for development purposes and in the light of vision of the Prime Minister Imran Khan, the new board may revisit credit policy and divert maximum loans towards development purposes.

On edible side of imports, Pakistan spends substantial amount of foreign exchange on import of edible oils every year, in order to save precious foreign exchange reserves, he said, adding the new Board should introduce concessional loans to the farmers for encouraging sowing of soybean, canola and sunflower in larger areas of the country.

He alleged that the recently sacked President ZTBL by the Federal cabinet has made massive and reckless recruitments on political basisin ZTBL and its subsidiary KSSL from 2014 till date.