PMN leaders, SMCL management discuss socioeconomic situation

HYDERABAD: The leaders of Punjab Microfinance Network (PMN) arrive in Hyderabad met with SMCL Management at its Head Office Hyderabad and discussed inter-provincial coordination for financial inclusion to eradicate the poverty and contribute to Sustainable Development Goals (SDGs).

Country's socioeconomic situation and bilateral opportunities were discussed with SMCL management and recommendations for the improvement were discussed to address at policy level forums.

The leaders said that the confidence of foreign investors has been badly affected due to the dollar crisis, and every sector, including the microfinance industry, will have to play its part to revive the economy.

A delegation consisting of PMN Punjab leaders Muhammad Murtaza CEO RCDP, Qazi Shoaib Alam CEO JWS Pakistan, Muhammad Irfan Khokhar CEO OFFO and Barkatullah CEO Aagahi Pakistan yesterday. By visiting the SAFCO office, they obtained information about the process of transformation of institutions from non-profit to profit and the effects of this transformation and appreciated the work of SAFCO Microfinance Company, the first in the country to adopt such a change and said that SAFCO has always introduced new trends and other institutions have been learning from its experiences. PMN leaders also shed light on the microfinance situation in Punjab.

During the joint discussion, the leaders said that the depreciation of the rupee against the dollar has not only increased inflation but also affected the confidence of international investors. Mohammad Murtaza said that due to the shortage of dollars, foreign investors do not see any hope of getting their money back.

Earlier, the Founder of SAFCO Group of Companies Suleman G. Abro welcomed the delegation and said that we did not lose heart even in crises like Covid and disasters like floods; we hope to come out of the current economic crisis successfully.

He said that we give importance to the social perspective in our work and trust people and encourage them to move forward, which is showing positive results and many people have emerged from the grassroots level and become heads of institutions.

On this occasion Syed Sajjad Ali Shah, Director of PMN Governing Board and Managing Director of SMCL informed the delegation about the transformation journey of SAFCO Microfinance Company and the legal process of conversion from a non-profitable company to a profitable company.

Copyright Business Recorder, 2023