Finance Minister Ishaq Dar Monday chaired a meeting at the Finance Division 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).
The 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'.
Dar said 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 society in the National Financial Inclusion Strategy launched in May 2015. The Finance Minister directed the SECP and the Finance Division to thoroughly examine all the details of the proposal and come up with concrete recommendations in this regard.-PR
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