The government is planning to introduce livestock insurance as part of
ensuring the country’s food security.
Finance Minister AHM Mustafa Kamal on Thursday proposed the plan in the new budget placed in parliament for the next fiscal year.
Bangladesh is almost self-sufficient in livestock – especially cattle and goat – production, the minister said in his budget speech.
According to a report published in 2017 by the Food and Agriculture Organization, Bangladesh secured the fourth position in the production of goat meat.
Researches are being carried out jointly by local and international organisations for fisheries and livestock development, the finance minister said.
The government is also planning to introduce crop insurance to facilitate farmers to recover their loss.
“Loss of crops due to natural calamities is quite frequent in our country,” reads the budget speech. “In order to save the farmers from the financial loss caused by this, a pilot project for ‘crop insurance’ will be introduced.”
In addition, the insurance of properties generated from large projects will be covered by local insurance companies.