PR No.243 BISP AND PMIFL WORK TOGETHER TO IMPLEMENT A POVERTY EXIT STRATEGY Islamabad: January 26, 2017
BISP and PMIFL are working in tandem together to execute a well-considered poverty exit strategy. PMIFL extends interest free loans to selected, ultra-poor BISP beneficiaries to set up small business ventures. While these grass root startups are still in their nascent stages, the cash grant by BISP makes loan repayment easier and less burdensome. A number of BISP beneficiaries are en-route to graduate out of poverty benefiting from Prime Ministers Interest Free Loan (PMIFL) Scheme. Under PMIFL Scheme loans have been granted to 250,000 applicants, out of which 50,000 are BISP beneficiaries. This was stated by Minister of State and Chairperson BISP MNA Marvi Memon on her visit to Nankana Sahib to meet the BISP beneficiaries that have benefited from PMIFL scheme. The Chairperson also visited beneficiaries in Shahkot and Sangla Hill.
Chairperson BISP appreciated the success of BISP beneficiaries Yasmeen, Parveen, Muneera, Farrukh, Sakina, Mumtaz, Nazia, Zainab and others for their fortitude and entrepreneurial skills despite being illiterate. She gave them valuable advice regarding scaling up of their startups, encouraged them to save and motivated others to break the shackles of poverty benefiting from PMIFL. These beneficiaries took loan under PMIFL Scheme for starting their small businesses of tailoring, embroidery, toy making, livestock and dairy farming and are now supplementing heir household income. The loan statistics reveal that 47% of beneficiaries used their loan to open new enterprises in the cottage or services sectors whereas 34% of the beneficiaries invested their loan in livestock and 8.9% in agriculture.
She listened to the problems of the beneficiaries and instructed BISP management for their resolution at the earliest. She told the beneficiaries that survey for NSER update has started. Women should register themselves with BISP when survey teams visit them. Talking about ensuring transparency in cash transfers to beneficiaries, she informed those present that BISP is in the process of shifting its payments to a Biometric verification System (BVS) and soon they will receive their stipend through their thumb impressions. BVS would make receipt of the cash transfer hassle-free and eliminate involvement of middlemen and touts. She told the beneficiaries to make sure that they get full payment of Rs. 4834/ every quarter and report any problem at BISP hotline.
Talking to media, the Minister added that PTI will face defeat on Panama issues. PTI has wasted much time in protests; they should focus on development of KPK. PML (N) will emerge victorious in 2018 election on the basis of their performance.