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Microfinance sector , the parallel economy in PakistanBy; Farhat Abbas ShahA few years before when the economic sanctioned were imposed on Pakistan owingto continuing her nuclear program. The experts of imposing such type of sanctionsbecame very disappointed by unexpected results because in spite of there efforts toput into effect, Pakistan was not ready to put her knees down. According to reliablesources the authorities or the forces behind the scene to analyze that the twosectors in Pakistan were providing strength to the country as a safe guard. One wasthe agriculture sector and the other was private sector. That were the reasonsPakistan survived under the international economic pressures.After the recent global financial crisis Pakistan has again come under the heavinessof financial disaster. But at this time there is no such parallel economy existing toprop up Pakistan. More over the fall down of energy has enchained the country as awhole. Unfortunately Pakistani government like former governments is not payingits full attention and still not willing to design any proper and reliable strategy.Pakistan is most lucky piece of land because when ever any difficulty comestowards her, the nature pull her out of that; for example for last 40 years themicrofinance industry has been emerging through out the world as a parallelfinancial system as it is for the missing persons (unbanked) of the world who werenot any where in the global banking and were not able to get financial services andthose were poor people of the world. According to a rough estimate approximately33% to 35% of Pakistan’s population is living bellow poverty line and 70% is poor.Fortunately due to a few enthusiastic persons like Roshaneh Zafar CEO Kashf Foundation, Tabinda Jaffery CEO of Asasah, Dr. Bajwa CEO of NRSP, Mis NaghmaCEO of Dameen, DR. Amjad Saqib of Akhuwat and some other microfinanceinstitute have successfully materialized all over Pakistan. More then 1.8 million poorhouse holds have started getting benefits out of it. They have getting 10,000 to150,000 rupees per households as a borrower yearly in the shape of loans,investing in their small enterprises, businesses and entrepreneurships. These arethe microfinance institutes under the leadership of the persons mentioned abovewho have disbursed more than 30 billions rupees to these poor households with avery valuable package of non financial services like basic education, entrepreneurialtrainings, cleanliness and healthcare related awareness.Although the State Bank of Pakistan is taking initiative and trying to stream line therules and regulations regarding microfinance sector but at the government level stillthere is a lack of awareness about the sector and even the higher authorities aretotally unacquainted of the perspective. There is an other bad luck is making fun of Pakistani poor is unconsciousness of members of parliament of Pakistan about themicrofinance while the country like Indonesia and Bangla Desh have setting thebench marks of microfinance. The value of Bangali currency is 100% high than
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