ISLAMABAD: The Pakistan Poverty Alleviation Fund (PPAF) on Thursday organized an event to mark the ‘Journey of 250,000 Households to Self-Reliance’ at the Prime Minister Office.
The event commemorated a significant milestone of the Prime Minister Interest Free Loan Scheme (PMIFL) as PPAF reached a quarter of a million borrowers. Finance Minister Senator Ishaq Dar was the chief guest at the occasion. He said the government launched the PMIFL Scheme to address the issues of poverty and rising unemployment in the country. Under the scheme, Rs3.5 billion (3.1 billion for on-lending) were allotted from the federal budget to facilitate the poor segments of the population in setting up their own small enterprises, he added.
He said that it was decided that the funds under this scheme would be routed through the national apex, PPAF, and would be extended in those Union Councils that have low or no penetration of conventional microfinance. “With the PMIFL scheme we are able to reach marginalised segments, particularly poor rural women, who have the capacity to be entrepreneurs but do not qualify for or have access to conventional microfinance,” he added.
Prime Minister’s Youth Programme Chairperson Leila Khan said the present government is determined to provide an array of opportunities to the poor people of the country especially women, youth and marginalised segments of society so that they can play an effective role in national development.
“PPAF was mandated by the government to mobilise, implement and monitor the PMIFL Scheme for four years (2014-2018). The journey that started in July 2014 with a total allocation of Rs3.5 billion, of which Rs3.1 billion was for on-lending, has disbursed Rs5.5 billion so far due to the efficient revolving of funds and a recovery rate of 99 percent,” she said.
