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Mettis Global News
Mettis Global News

CPI Preview: Inflation to fall below 14% YoY in May

KPP should be reexamined for greater effectiveness: Finance Minister

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May 14, 2022: The Federal Minister for Finance and Revenue, Mr. Miftah Ismail, shared satisfaction over the progress of the Kamyab Pakistan Program (KPP) and emphasized that this program should be re-examined and modified accordingly for ensuring a greater level of effectiveness, transparency and efficiency.

He presided over a meeting on Kamyab Pakistan Program at Finance Division today. Chairman Akhuwat Dr. Amjad Saqib, President BOP Mr. Zafar Masood, Secretary Finance and senior officers participated in the meeting.

Minister stressed that the present government is committed to improving the poverty situation in Pakistan and Kamyab Pakistan Program is a good platform in this regard. He further stated that such a program is in consonance with the vision of Prime Minister Shehbaz Sharif to uplift the living standard of people.

In a comprehensive presentation given on Kamyab Pakistan Program, it was highlighted that poverty alleviation through a number of highly effective steps is the prime objective of this program. This program ensures the provision of interest-free loans to poorer segments of society. The bottom-up approach is employed for the execution of poverty alleviation in this program. Sahatmand Pakistan, Kamyab Hunarmand, Low-Cost Housing, Kamyab Kissan and Kamyab Karobar are the key pillar of KPP. A limit of Rs. 2.85 million per household is placed to ensure the equitable distribution of resources.

Moreover, it was apprised to the finance minister that Monthly disbursements are now touching PKR 1.7-2.0 billion. The Ministry of Finance invited bids from commercial banks to act as Wholesale Lenders (WLs) to the program on a quarterly basis. So far HBL, NBP, BOP, Askari Bank, Bank Islami Pakistan and Pakistan Mortgage Refinance Company have participated in the bidding process. Furthermore, Akhuwat and NRSP have disbursed Rs. 11.2 billion to over 71,500 beneficiaries.

The Federal Minister for Finance and Revenue shared satisfaction over the progress of this program and emphasized that it must be ensured that loans should easily reach out to the eligible deserving people with zero duplication and by getting away from access hurdles. Furthermore, timely issuance of guarantee for the next quarter may be initiated as soon as possible to cater needs of a large number of borrowers seeking funds.

In conclusion, the Federal Minister expressed that the present government is committed to uplifting the living standard of the masses and he further stressed the stakeholders to gear up the disbursement of the interest-free loans to help the people in achieving self-sufficiency.

Press Release

Posted on: 2022-05-14T20:29:42+05:00