B Mirror Report: Around 12 lakh farmers nationwide will benefit from the government’s decision to waive agricultural debts up to Tk 10,000, including accrued interest, at Prime Minister Tarique Rahman’s request.

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

Briefing reporters, Cabinet Secretary Nasimul Ghani said the waiver will cover loans in the grain, crop, fisheries, and livestock sectors, in line with the government’s election manifesto. The initiative aims to ensure social security for small and marginal farmers and strengthen the country’s agricultural backbone.

“Both the principal amount and accrued interest on loans up to Tk 10,000 will be waived, directly benefiting nearly 12 lakh farmers,” Ghani said. He added that the move will relieve farmers of debt burdens, enabling them to invest more actively in agricultural production.

“The money saved from loan repayments can now be used to buy quality seeds or adopt modern irrigation technologies, allowing farmers to start the next cultivation season with renewed enthusiasm,” he said.

Officials said the waiver will also improve farmers’ credit records, making it easier for them to access fresh agricultural loans from banks at lower interest rates and reduce reliance on high-interest local moneylenders.

The reduced debt burden is expected to encourage greater engagement in crop cultivation, fisheries, and livestock, boosting national agricultural output and lowering dependence on imports. The Cabinet Secretary also noted that the measure could reduce rural-to-urban migration and ease rural inflationary pressures.

According to Bangladesh Bank, farmers owed approximately Tk 1,550 crore, including interest, to public, specialised, and private commercial banks as of February 25.