Microfinance is effective in poverty reduction: Dar | Pakistan Today

Microfinance is effective in poverty reduction: Dar

Finance Minister Ishaq Dar on Monday said poverty alleviation is one of the key objectives of the economic agenda of the PML-N government and microfinance is one of the most effective instruments of poverty reduction.
Addressing the inaugural ceremony of the two-day Microfinance Summit 2013, arranged by the Pakistan Poverty Alleviation Fund (PPAF), at a hotel, the minister said that the PPAF was established by the PML-N, which was a watershed in the microfinance movement in Pakistan.
Over a short period, he said the PPAF had enabled small microfinance institutions to have access to supply of relatively cheap finances to millions of poor.
“I note with satisfaction that the PPAF has gained more strength in these years and continues to play the leading role in cementing and solidifying the microfinance movement in Pakistan.”
Dar said that the government would initiate more funds for the youth and unemployed through income support programme. He eulogised the role of the PPAF and PML-N in augmenting the microfinance sector of Pakistan and their contribution towards the larger movement aimed at financial inclusion in Pakistan, which have financed the entrepreneurial aspirations of many millions of people especially the economically active poor.
He said that government has fuelled the growth of microfinance in Pakistan, realising its potential application as an effective tool for pro-poor growth and financial inclusion. He said that Microfinance is a reality is Pakistan now. He said that the PML-N government has given new economic programme that aims at revival of growth and steering the country firmly towards the path of economic stability and prosperity. Minister said that poverty alleviation is one of the key point of economic agenda reflecting in the new government of Pakistan.
State Bank of Pakistan (SBP) Deputy Governor Ashraf Mahmood Wathra provided insights into the ‘Roadmap for Financial Inclusion in Pakistan’ and stressed that microfinance was essential to reaching the majority of the unbanked population of the country. He said the SBP has been supportive of the sector in terms of policies and regulation.

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