Significant Progress made in micro finance sector, Hafeez Sheikh

Adviser to the Prime Minster on Finance and Revenue Dr. Abdul Hafeez Sheikh has said that the micro finance could help in documentation of economy owing to its outreach.

According to the detail, Dr Hafeez Sheikh was addressing a ceremony in Islamabad, and stated that significant progress has been made in the micro finance sector and now the sector has been yielding positive results, in the shape of offering job opportunities and boosting economic activities in the country.

He said micro finance has been proving helpful in providing solutions to many challenges facing Pakistan. “We have low saving rates in the country however; the micro finance can be helpful to address this issue.”

He said the government inherited grim economic situation laden with debts. “The current account deficit was massive, but now we are witnessing turnaround as the economic environment is stablising due to prudent economic policies of the incumbent government.”

The adviser said foreign direct investment has been significantly increasing which indicates the growing confidence of the international community on improving economic prospects in Pakistan.

He also said that the government has been providing incentives to the exporters to encourage and promote exports.