In accordance with the Prime Minister’s instructions, Zarai Taraqiati Bank Ltd (ZTBL) has chosen to help farmers in flood-affected areas by postponing debts totaling Rs. 20 billion. According to ZTBL authorities, the loans would be postponed for a year.
About 57 000 farmers will profit from this policy. In a statement, the bank underlined that the recent floods in Baluchistan and Sindh have wreaked havoc on farmers’ livelihoods by destroying their crops. The floodwater is also harming Sindh’s sugarcane harvests, according to the bank.ZTBL reaffirmed its support for farmers and announced that it would offer farmers in Sindh and Baluchistan the option of deferring or rescheduling agricultural loans.
Farmers from regions designated by the National Disaster Management Authority as “disaster-affected” will also be eligible to use the facility. According to Ahsan Iqbal, Federal Minister for Planning and Chairman of the National Flood Response and Coordination Center (NFRCC), the cost of flood damage is projected to be between $30 and $40 billion.
According to Minister Iqbal, the provincial and federal governments, the World Bank (WB), the Asian Development Bank (ADB), and other financial institutions are working together to conduct a thorough assessment of the losses brought on by the floods.