47. Pakistan Economic Survey 2011-12 - Consultancy Services in ...

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Pakistan Economic Survey 2011-12microfinance regulatory framework via its reportsreleased in 2010 and 2011.In September, 2011 the Waseela MicrofinanceBank was granted a license under the“Microfinance Institutions Ordinance, 2001” tooperate nationwide. In addition, the Auriga Groupacquired the district wide Network MicrofinanceBank with the intent of upscaling its operations asa nation wise MFB. Also in the same month, thegeneral provisioning requirement for MFBs waswithdrawn in cases where loans were backed byliquid securities, gold, or other cash collateral withappropriate margin. However, in case of all otherloans, microfinance banks shall maintain generalprovision of 1%.In March 2012, the State Bank has revisedPrudential Regulations No. 10 and 11 for MFBs tofacilitate lending to microenterprise segment. Forthese purposes, the term microenterprise shallmean projects or businesses in trading,manufacturing, services, and agriculture sectorsthat lead to livelihood improvement and incomegeneration. Microenterprises are undertaken bymicro-entrepreneurs who are either self-employedor employ few individuals; these businesses do notexceed 10 employees and they excluded seasonallabor.The revisions will facilitate lending of up to Rs.500,000 to eligible microenterprises. Moreover,MFBs that previously were unable to tap themicroenterprise market constraints of lending up toRs. 150,000 under the general loans category willnow be able to upscale their credit operations.Box-3Program’s initiatives:SBP is playing a pivotal role in promoting inclusive finance through implementation of government and donorfunded programs. These programs are managed with the objective of enhancing the provision of financial services tounbanked segments especially to the poor and marginalized population through sustainable models. The updates ongovernment programs and SBP market interventions are as follows:1. Financial Inclusion Program (FIP):FIP is implemented with grant assistance of 50 million pounds from the UK Government’s Department forInternational Development (DfID). SBP has successfully launched a number of market interventions under FIP since2008. Progress under each of these interventions is as follows:a. The Institutional Strengthening Fund (ISF) was launched to strengthen institutional and human resourcecapacity of MFB is in order to enhance scale and sustainability of microfinance services. So far funding supportof Rs. 819 million has been approved for 19 microfinance providers including top and middle tier MFBs andMFIs as well as the Pakistan Microfinance Network. The grant covers 22 projects addressing institutionalstrengthening needs of the grantee institutions for capacity building/ HR training, IT development, businessplan/ strategic reviews, market research, branchless banking, corporate governance, credit ratings, remittances,and treasury functions, and others.b. Microfinance Credit Guarantee Facility (MCGF) was launched to mobilize wholesale commercial funding formicrofinance providers through partial guarantees to commercial banks. So far, fourteen (14) guarantees with atotal exposure of Rs. 957 million have been issued for mobilizing Rs. 3,275million.c. Credit Guarantee Scheme (CGS) for Small and Rural Enterprises aims to facilitate credit to small and ruralbusinesses through partial guarantees. So far partner banks have booked guarantees of Rs. 1,107 billion againstsanctioned loans of Rs. 2.711 billion for 3,846 small and rural enterprises by the end of March 2012.d. Financial Innovation Challenge Fund (FICF): was launched in May 2011. It aims to foster innovations and testnew markets, lower cost of delivery, enable systems and procedures to be more efficient and provide new waysof meeting the unmet demand for financial services. A number of applications were received under the 1st78
Money and Creditround and the selected applicants will be announced after due process.2. Improving Access to Financial Services Fund (IAFSF)The following interventions have been taken under IAFSF:a. Nationwide Financial Literacy Program has been launched in January 2012 to disseminate basic educationabout financial concepts, products and services to the masses.b. Grass Root Level Training Programs on Microfinance is a series of 40 individual training programsexpected to benefit 1000 participants from various microfinance providers. So far 12 training Programshave been organized.Insurance SectorThe insurance industry in Pakistan is relativelysmall compared to its counterparts in the region.The insurance penetration and density remainedmodest as compared to other jurisdictions whilethe insurance sector remained underdevelopedrelative to its potential. As of December 2010, theindustry’s total premium revenue stands at Rs.100.58 billion.Fig-5.10: Insurance Penetration in PakistanBox-4Way Forward1. Development of New Insurance Law: SECP is considering embarking upon the initiative of revamping ofinsurance laws in Pakistan. The derived benefits will include a new regulatory and supervisory frameworkencompassing enhanced reserves and capital requirements, insurance industry’s risk-focused surveillancemechanisms, training and capacity building to support the implementation of the improvised insuranceregulatory framework. Under this new regime, certain new regulations will also be introduced where no suchframework exists currently such as regulations for reinsurance, regulations for insurance & reinsurance brokers,regulations for alternate distribution channels, regulations for disclosure requirements and consumer protection,regulations for Takaful Investment Products, and others.2. Voluntary Pension Schemes by Insurance companies: Although there are already nine (9) Pension Funds79
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SOCIAL INDICATORS2001-02 2002-03 20
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Pakistan Economic Survey 2011-12Tab
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Special SectionPakistan: Flood Impa
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Pakistan: Flood Impact AssessmentHe
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district roads (including farm-to-m
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System. The main canals are the Pat
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Chapter 2AgricultureThe agriculture
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Agricultureagriculture. Livestock c
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AgricultureTable 2.6: Area, Product
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Agricultureb) Minor Cropsi) Oilseed
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During July-March, 2011-12 about 36
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It is expected about Rs. 30.00 bill
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AgricultureBox-1Credit Disbursement
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AgricultureTable:2.20 Estimated Liv
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AgriculturePoultry Development poli
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AgricultureIn this connection, two
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Chapter 11Health and NutritionAcces
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Health and NutritionHealth Expendit
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achieved in the case of BHUs and 95
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Health and Nutritionglobal initiati
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Health and Nutritiontook necessary
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Chapter 12Population Labour Force a
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Age Composition of PopulationThe ag
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Population, Labour Force and Employ
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Table-12.16: Unemployed - Pakistan
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Chapter 14EnergyEnergy is considere
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EnergyStock Issue• Recovery of re
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Energy14.1 Energy ConsumptionPakist
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Energyto 21.4 percent last year. Th
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Energy14.2-d CoalPakistan has huge
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tariff increases of 6%, 12% and 6%
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Energy14.3-b Petroleum ProductsPetr
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Energybecome a popular domestic fue
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EnergyAlso Laraib Energy Limited (
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EnergyTable 14.14: Oil and Gas Disc
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Energy14.5 Performance of Power Sec
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Energytrend of hydro-thermal energy
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Energy14.5-c Private Power and Infr
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Energy Proposal for undertaking a f
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Chapter 15Social Safety NetsBackgro
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Social Safety NetsBox-1Poverty Alle
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Social Safety NetsTable 15.4: Perce
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Social Safety Netsenterprise develo
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Social Safety Netsdignity of househ
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period of last year. Furthermore, i
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Social Safety Netsand ensure growth
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