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No to the acquisition of the Agricultural Bank
Economical 04/30/2024
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Muhammad Sharif Abu Maysam
It is certain that there is no sovereignty for any country without achieving the elements of relative food security at the very least, after the policy of starvation has become a global weapon for imposing guardianship and hegemony and breaking the wills of peoples and governments.
Because the cycle of capital in agricultural production is slow and fraught with risks, capital seeking quick profit does not engage in such projects, and is often attracted by trade and imports because the cycle of capital is fast, safe, and guaranteed profitability. It is known that capital is among the most important elements of agricultural production, along with “ Land, water and labour.”
Accordingly, governments in the most severe capitalist systems assumed support for agricultural inputs, operations, and outputs, and gave great importance to other elements of production through financial institutions that may engage in profitable and investment activities to sustain their work, but in the end they are financial institutions concerned with food security and supported by the state just as it supports entities related to security. Internal, external, and global experiences are numerous and this newspaper column cannot list them.
From this standpoint, our country, which is located in a volatile region, is always vulnerable to the repercussions of conflicts and international interventions, in addition to the consequences it is exposed to as a result of political positions. What about the globalization companies that today control the seed and pesticide industry and that promote the idea that “food security is global security” use blockade methods? And economic sanctions, as in many countries, as a result of their positions on the dominance of these companies and those behind them.
Isn't it better for us to be free from these starvation policies, protect the future of our food security, and support our agricultural sector? If the answer is yes, then it is preferable to reconsider the decision to acquire the Agricultural Bank by a government bank that is intended to be a joint-stock company in preparation for privatization. It is preferable for the Agricultural Bank to be merged with the Peasants’ Lending Fund in the Ministry of Agriculture, just as the Real Estate Bank will be merged with the Housing Fund as well. The Cabinet decision stated support for the housing sector.
The idea here is that the assets and capital of the Agricultural Bank are transferred to the Peasants’ Loan Fund as long as we move towards market liberalism, and that there are no specialized banks in the new form of the state, because the fund that was established under Law No. 28 of 2009 and remained idle for years, its capital does not exceed more than 250 billion dinars, and this amount, if we want to achieve relative food security at the very least, is not enough for a few projects in one agricultural governorate, in addition to the fact that the Fund does not have buildings or branches in the governorates and is in dire need of the buildings belonging to the Agricultural Bank, which is still operating in accordance with Law No. 110 of 1974, and what is existing by law cannot be acquired except by law.
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