Pakistan’s agriculture sector has the potential to overcome the current account deficit and balance-of-payment crisis within six years, according to State Bank of Pakistan (SBP) Former Governor Salim Raza. Speaking at ‘Agri Connections 2023’, organised by the Pakistan Agricultural Coalition (PAC) on Thursday, Raza noted that the agriculture sector must sustainably grow at 6% to achieve the necessary economic growth and job creation. “This year (FY23), we are going to import around 10 million bales of cotton (higher than last year) ... so, the deficit may be around $6-6.5 billion,” explained Raza. PAC Chief Executive Arif Nadeem highlighted the company’s efforts to offer tested cotton seeds that could augment cotton production to a surplus from the current deficit. The seeds could increase cotton production to three times at 21 million bales compared to 7-8 million bales annually at present, whereas Pakistan’s annual needs stand at 15-16 million bales.

Source: The Express Tribune March 18, 2023 00:53 UTC