ISLAMABAD: The Federal Minister for Finance and Revenue Miftah Ismail has hinted at re-examining and modifying the Kamyab Pakistan Programme (KPP) for ensuring a greater level of effectiveness, transparency, and efficiency.
The federal minister presided over a meeting on the KPP at Finance Division.
Chairman Akhuwat Dr Amjad Saqib, President Bank of Punjab (BOP) Zafar Masood, Secretary Finance, and senior officers participated in the meeting.
The minister shared satisfaction over the progress of this programme and emphasized that this programme should be re-examined and modified accordingly for ensuring a greater level of effectiveness, transparency, and efficiency. 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.
Ismail stated that it must be ensured that loans should easily reach out to the eligible deserving people with zero duplication and by getting away access hurdles. Furthermore, timely issuance of guarantees for the next quarter may be initiated as soon as possible to cater to the needs of a large number of borrowers seeking funds.
The minister also stressed that the present government is committed to improving the poverty situation in Pakistan and the KPP 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 KPP, it was highlighted that poverty alleviation through a number of highly effective steps is the prime objective of this programme. This program ensures the provision of interest-free loans to the 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 the KPP. A limit of Rs2.85 million per household is placed to ensure the equitable distribution of resources.
The finance minister was told that monthly disbursements are now touching Rs1.7-2.0 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 Rs11.2 billion to over 71,500 beneficiaries.
The federal minister expressed that the present government is committed to uplifting the living standard of the masses and stressed stakeholders to gear up the disbursement of the interest-free loans to help the people in achieving self-sufficiency.
Copyright Business Recorder, 2022