Bank Aid Sought For Farm Credit

The subject figured in todays meeting between World Bank president James D Wolfensohn and union agriculture minister Chaturanan Mishra.

Addressing the World Bank delegation, Mishra said poor farmers need credit at reasonable interest rates and if they get it they will not only improve themselves but also strengthen the economy. The minister reiterated the governments resolve to help poor farmers, particularly tribals to come above the poverty-line and said the effort would contribute towards raising the domestic savings.

The minister said the Bank could contribute in improving the lot of small and marginal farmers and asked for suggestions to reduce interest rates. World Bank representatives said the bank does have schemes for the development of watersheds, rained areas and improving social forestry and said the agriculture ministry has done well in giving support for these schemes.

Wolfensohn said the bank is interested in macro frameworks on credit and poverty alleviation and that global solutions had to be found for poverty alleviation.