Islamabad January 21 2022: The ECC approved a proposal submitted by Finance Division for engaging the services of third party to carry out the Monitoring and Evaluation (M&E) functions of the Kamyab Pakistan Programme (KPP).
Pakistan Poverty Alleviation Fund (PPAF) was engaged for Monitoring and Evaluation of KPP. However, PPAF has not been able to undertake M & E responsibilities due to its legal status.
The Government of Pakistan (GOP) has launched Kamyab Pakistan Program (KPP) to provide subsidized micro loans to small businesses, agriculture sector and housing sector. Commercial banks/DFIs hereinafter referred to as Wholesale Lenders (WLs) will provide liquidity to Executing Agents (EAs) i.e. Microfinance Providers (MFPs) and Housing Finance Companies (HFCs) for onward lending to borrowers. Microfinance providers include Microfinance Banks (MFBs), Microfinance Institutions (MFIs) and Rural Support Programs (RSPs). State Bank of Pakistan (SBP) has communicated necessary instructions to all banks/MFBs/DFIs through IH&SMEFD Circular No. 11 dated October 04, 2021. KPP has three components related to financing i.e. (i) Kamyab Karobar (ii) Kamyab Kissan and (iii) Naya Pakistan Low Cost Housing (NPLCH). MFPs shall extend financing under all three components of KPP, whereas HFCs will only extend financing under NPLCH component.
ECC also approved the summary presented by Finance Division to resolve the issue of reversal of Foreign Commonwealth and Development Office (FCDO) unspent grant funds under amendment to MoU with proposal to establish a new Credit Guarantee Company (CGC) having 56% shareholding of FCDO through Karandaaz (unspent funds) and 44% shareholding of GoP, with mandate of issuance of Credit Guarantees against financing in SME Sector.
Federal Minister for Finance and Revenue Mr. Shaukat Tarin, virtually presided over Economic Coordination Committee (ECC) of the Cabinet, today. Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Water Resources Chaudhry Moonis Elahi, Federal Secretaries and senior officers attended the meeting.
