Dar for operationalization of PIMC by July 1

Mian Arshad

Islamabad—Federal Minister for Finance Ishaq Dar, Tuesday, directed Pakistan Poverty Alleviation Fund (PPAF) to ensure operationalization of Pakistan Microfinance Investment Company (PIMC) by July 01 this year. 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. In this regard, he appreciated the efforts of the PPAF team with directions to expedite the ongoing process as well as to complete the remaining formalities of the shareholding agreement at the earliest possible, so that it would be signed within the current month.
Dar chaired a high level meeting to review the preparations regarding the operationalization of Pakistan Microfinance Investment Company. The CEO of Pakistan Poverty Alleviation Fund (PPAF), briefed meeting 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.
Isa also briefed the Minister that so far Pakistan Poverty Alleviation Fund had 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. 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.

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