PR No.157 Dar Reviews Preparations For The Operationalization Of Pmic Islamabad: April 19, 2016

The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting this morning at the Finance Division to review the preparations regarding the operationalization of Pakistan Microfinance Investment Company.

Qazi Ahmad Isa, CEO of Pakistan Poverty Alleviation Fund, briefed the Minister that all the legal formalities associated with the Investment Company are being carried out in a transparent manner with the help of SECP. The work on Share Holder’s Agreement is almost complete, which will be signed by PPAF, DFID/Karandaaz and KFW in the near future. PPAF Board and General Body have approved the amendment in the PPAF’s Memorandum & Articles of Association and the SECP has also granted its approval.

Mr. Isa also briefed the Minister that so far Pakistan Poverty Alleviation Fund has been achieving its targets on service delivery. PPAF has provided interest free loans to 151,000 borrowers under the PMIFL scheme.

The Finance Minister appreciated the efforts of the PPAF team and directed that the work on operationalisation of PMIC be expedited and the remaining formalities of the shareholding agreement be completed immediately, so that it can be signed within the current month. He said that PMIC is an important initiative and it should be ensured that it becomes operational latest by 1st July, 2016. The Minister also directed the PPAF team to enhance the scope of their work for ensure financial inclusion of a those segments of population which are lagging behind in access to the financial services.

The Minister assured the participants that the Government would continue to support the PPAF with the objective of poverty reduction and financial inclusion.

The meeting was also attended by senior officials of Finance and Economic Affairs Division.