Hafeez Shaikh addresses Annual Microfinance Conference
ISLAMABAD – Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh addressed “Annual Microfinance Conference (AMC)” as a guest of honor, held in Islamabad today.
While speaking on the occasion, Adviser Finance outlined National Financial Inclusion Strategy (NFIS) which aims at achieving inclusive economic growth through promotion of small and medium enterprises, easy and affordable access to finance for farmers, facilitation in low-cost housing finance and provision of Shariah compliant banking solutions.
Adviser Finance highlighted the proactive measures taken by the Government to lessen the adverse economic impact of COVID-19 including loans deferred for one year and Rozgar Scheme (payroll Protection). Over 03 million borrowers benefitted with approx. Rs.140 bn loans rescheduled or deferred during the current crisis. The Rozgar Scheme has proved to be highly effective in improving liquidity position and saving millions of jobs, he added.
Due to prudent and timely policies of the Government, Adviser Finance highlighted that economic revival is taking place as Large Scale Manufacturing (LSM) registered 4.8% growth, cement sector 20% growth with 100% capacity utilization and significant increase in sale of cars, motorbikes and tractors during July to October 2020. Moody’s upgraded Pakistan’s economic outlook to ‘stable’ in August 2020. Pakistan is heading in the right direction, he concluded.
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