At its first official meeting, the government has decided to waive agricultural loans of up to Tk 10,000, including interest, in the crops, fisheries, and livestock sectors.

The decision was taken at a cabinet meeting held at the Secretariat today, chaired by Prime Minister Tarique Rahman.

According to a press release issued by the Cabinet Division, as of February 25 this year, the outstanding amount, including interest, owed by farmers to public commercial and specialised banks, as well as private commercial banks, stands at approximately Tk 1,550 crore. The entire amount will be covered under the waiver.

If implemented, around 12 lakh farmers are expected to benefit directly from the measure.

The primary objective of the decision is to ensure social security for poor farmers and strengthen the backbone of the agricultural sector, the press release said.

After the meeting, Cabinet Secretary Nasimul Ghani told reporters that loans of up to Tk 10,000 in the agriculture and fisheries sectors would be waived.