Country on road to Microeconomic stability: Dar

Islamabad—Federal Minister Senator Mohammad Ishaq Dar launched the Pakistan Microfinance Investment Company (PMIC) in Islamabad on Friday
The Finance Minister said the government fully recognizes that financial inclusion can be a strong impetus for economic growth in Pakistan. He said that the National Financial Inclusion Strategy launched on May 2015 was a pivotal step to address the financial services needs of the poor and underserved segments in Pakistan. The Minister said that the government’s economic policies under the able leadership of Prime Minister Muhammad Nawaz Sharif have put the country on the road to macroeconomic stability and now our target is to achieve a higher sustainable and inclusive growth.
Senator Dar apprised that the growth momentum continues to remain above 4 percent for the 3rd year in a row with real GDP growing at 4.71 percent in FY 2016 and target of 5.5 percent for the current fiscal year.
The British High Commissioner congratulated the Finance Minister on his leadership to establish the PMIC and said that micro-finance will have a key role to play in export led growth for Pakistan. The German Ambassador appreciated the patronage of the Finance Minister to establish PMIC and said that the German government is proud to support the PMIC initiative as it fits well into Germany’s objective of supporting technology startups and green energy through microfinance initiatives worldwide.The Finance Minister appreciated the partnership of the British and German governments in establishing PMIC with a total equity of Rs6+. 6.00 billion in which government of Pakistan through the Pakistan Poverty Alleviation Fund has a shareholding of 49 percent, DFID through Karandaaz holds 37 percent shares and German Development Bank KfW has a 14 percent share.

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