Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting Monday to review the proposal for the establishment of Pakistan Microfinance Investment Company.
Secretary Finance Dr. Waqar Masood Khan briefed the Minister about the proposal. He said that according to estimates given by DFID, Pakistan’s micro financing needs will grow manifold by 2018 from the current Rs.18 billion catered to by PPAF (Pakistan Poverty Alleviation Fund).
Secretary Finance also briefed the Minister that DFID in collaboration with KFW is offering to contribute financial resources for microfinance operations under the proposed new Non-Bank Financial Institution under the name Pakistan Microfinance Investment Company.
The Minister for Finance said that for the development of a country, a financially vibrant and active middle class is necessary. Moreover, it is the goal of the PML-N government to help the poor segments of the society in the National Financial Inclusion Strategy launched in May 2015.
The Finance Minister directed SECP and Finance Division to thoroughly examine all the details of the proposal and come up with concrete recommendations in this regard.
