TK 57 Crore incentives allocated for farmers

In the first month of the current fiscal year, disbursement of agricultural loans fell by nearly 10% year-on-year, totaling Tk 17.90 billion compared to Tk 19.91 billion in July 2023, as reported by Bangladesh Bank (BB). This decline is attributed to disruptions from student-led movements, internet shutdowns, and curfews in July. Despite the decrease, bankers anticipate a gradual increase in loan disbursement as conditions improve.

Kazi Farms, in partnership with Kazi Media Limited and Kazi Food Industries Limited, has donated BDT 1,21,88,838 to the Chief Advisor's Fund for Flood Relief. The donation, presented on September 9 to Faruk-E Azam, Honourable Advisor for the Ministry of Disaster Management and Relief, was the result of employees contributing one day's salary, matched by their employers.

The double impact of flash floods in the southeast and drought-like conditions in the northwest has significantly affected Aman rice cultivation in Bangladesh, raising concerns about national food security. Last fiscal year, Bangladesh achieved its highest Aman rice production at 16.65 million tonnes, with 5.4 million hectares cultivated. This fiscal year, only 5.2 million hectares have been covered so far.

The government approved the procurement of 25,000 tons of rock phosphate and 40,000 tons of MOP fertilizer to address increasing national demand. The approvals were granted during the third meeting of the Advisers Council Committee on Government Purchase, chaired by Dr. Salehuddin Ahmed.

Denmark and Bangladesh have strengthened their cooperation in food safety and sustainable agriculture through a Strategic Sector Cooperation (SSC) Project signed on September 9, 2024. The project focuses on enhancing food safety and the green transition of the dairy value chain, addressing challenges like antimicrobial resistance and the misuse of antibiotics in food production.

In August, the first month of FY 2024-25, banks in Bangladesh disbursed Tk 1,791 crore in agricultural loans, which is 4.71% of the annual target set by the central bank. This marks a 10.09% decrease from the Tk 1,991 crore disbursed during the same period last year. The decline is attributed to political unrest and tighter monetary policies. The total agricultural loan disbursed currently stands at Tk 56,894 crore, with non-performing loans at Tk 4,739 crore, or 8.33%.