Pakistan: Micro-Credit Outreach Witnesses 22% Growth

Jul 2017
Pakistan, July, 17 2017 - The government, recognizing need to protect the poor and the vulnerable, has launched several social safety net programmes and one of them was micro-finance which is considered an important player in promoting financial inclusion agenda.

During the period, Gross Loan Portfolio registered a 47% growth while micro-savings, on the other hand, posted considerable growth under active savers by 65 per cent and value of savings by 88 per cent which is attributable to increase in m-wallet accounts and taping higher ticket size. Sources at Finance Division on Sunday said, micro-insurance also remained positive whereas sum insured posted a hefty growth of 85 per cent. This segment is primarily dominated by credit life and health insurance.

Deposits and other accounts of all scheduled banks stood at Rs11,980.69 billion on June 30, a rise of 2.34 per cent over the preceding week and 14.5pc over the comparable period of the last year. Deposits and other accounts of all commercial banks rose 2.38pc week-on-week to Rs11, 913.58bn, according to the weekly statement of position of all scheduled banks for the week ended June 30. Deposits and other accounts of specialized banks, however, fell 4.94pc to Rs67.116bn. Investments of all scheduled banks showed a rise of 0.67pc. Compared to last year’s corresponding figure the current week’s figure is higher by 7.56pc.

The federal government has provided loans worth four hundred and forty-five million rupees to tribal youth to start their own businesses. A spokesman of FATA Development Authority told our Peshawar correspondent that so far sixteen thousand and eight hundred youth have been provided loan. The loan is being given to the youth who have completed technical training in different trades.

Ahsan says world class varsity, state-of-the-art hospital also being established in the city. Minister for Planning and Development Ahsan Iqbal says a master plan is being prepared to make Gwadar a modern port city of international standard. In an interview, he said a number of development projects are underway that will not only change fate of the area, rather the region as well. The minister said a world class university, state of the art hospital are also being established in Gwadar to provide best facilities to the people. He said economic activities are increasing day by day in the port city.

Source : Radio Pakistan

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