Microfinance yield positive results: Hafeez Sheikh

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ISLAMABAD; Adviser to the Prime Minster on Finance and Revenue Dr Abdul Hafeez Sheikh on Wednesday asserted that the microfinance could help in documentation of economy owing to its outreach. He addressed a ceremony in Islamabad, and stated that significant progress has been made in the microfinance sector and now the sector has been yielding positive results, in the shape of offering job opportunities and boosting economic activities in the country.

 

The adviser said microfinance has been proving helpful in providing solutions to many challenges facing Pakistan. We have low saving rates in the country however; the microfinance can be helpful to address this issue. He said the government inherited grim economic situation laden with debts. The current account deficit was massive, but now we are witnessing turnaround as the economic environment is stablising due to prudent economic policies of the incumbent government.

 

The adviser said foreign direct investment has been significantly increasing which indicates the growing confidence of the international community on improving economic prospects in Pakistan. He said the government has been providing incentives to the exporters to encourage and promote exports.

 

He said that the government’s prudent policies to bring about macroeconomic stability are yielding results. The incumbent government has been bringing reforms to the country’s tax policy. He added the documentation of the economy is underway.

 

The adviser said efforts are afoot to whittle down fiscal deficit to funnel funds into the development sector. He said the ruling PTI was saddled with tough economic conditions when it was catapulted into power.

 

Dr Shaikh said the Imran Khan-led government steered the country out of choppy waters, improving the economic situation as well as ease of doing business, cutting unnecessary spending and stabilising State Bank of Pakistan’s reserves. He said the International Monetary Fund (IMF) expressed satisfaction at overall economic indicators as did other global institutions.

Hafeez Shaikh said foreign direct investment jumped 236 per cent as $600 million worth of investment came to Pakistan over last few months. He recalled Bloomberg, a global economic journal, termed Pakistan’s stock market the world’s best stock market for outperforming all others in a three and a half month period.

 

He said significant progress has been made in the microfinance sector and now the sector is yielding positive results in the shape of creation of job opportunities and boosting economic activities in the country. The adviser said microfinance is also proving helpful in providing solutions to many challenges facing the country. He added we have low saving rates in the country however; the microfinance can be helpful to address this issue as well

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