National Financial Inclusion Strategy being finalized with full vigour as a joint venture of State Bank of Pakistan and World Bank: Speakers
Islamabad, April 08, 2015 (PPI-OT): Incorporating the prime objectives of poverty reduction, achieving financial stability and augmenting economic growth, the National Financial Inclusion Strategy (NFIS) was being finalized with full vigour as a joint venture of the State Bank of Pakistan and the World Bank. Dr. Saeed Ahmed, Director Agricultural Credit and Micro-Finance and Douglas Pearce, Practice Manager, Financial Inclusion, senior officials from the two institutions stated here Wednesday while briefing the Finance Minister, Senator Mohammad Ishaq Dar and members of the National Financial Inclusion Council(NFIC) on the draft strategy.
The Minister was informed that the NFIS would help achieve the vision for financial inclusion in Pakistan that requires collective commitment towards ensuring that individuals and firms can access and use a range of quality payments, savings, credit and insurance services which meet their needs with dignity and fairness.
The NFIS suggests that greater financial inclusion can bring underserved segments of the population into the mainstream financial sector, with positive effects on economic growth, financial stability and social cohesion, the Minister was apprised. He was also told that Pakistan’s National Financial Inclusion Strategy (NFIS) actually presented a strategic framework, a coordination structure and target indicators developed through an elaborate consultative process with all stakeholders.
During the briefing it was also revealed that the National Financial Inclusion Council, to be chaired by the Finance Minister would provide overall guidance and lead the implementation of the vision of financial inclusion through the National Financial Inclusion Strategy Steering Committee.
Similarly, a Secretariat would provide the implementation support and perform monitoring and evaluation functions, whereas the technical committees would provide specific professional guidance for priority technical areas. The World Bank, it may be added, more recently has been providing advisory and analytical services in the area of financial inclusion, which largely contributed towards the development of the NFIS, the meeting was informed.
Finance Minister, Ishaq Dar while appreciating the hard work done by the World Bank and the State Bank of Pakistan team in preparing the NFIS, invited all members of the National Financial Inclusion Council to come up with their useful suggestions on various facets of the strategy document and submit the same to the State Bank till 20th of April. The Minister said, these suggestions would help finalize the strategy paper. With consensus of the house, the Minister announced launching of the NFIS by end of April or early May 2015 in a befitting manner.
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Category: General Business News