ISLAMABAD: The previous government released Rs7.6 billion in interest-free loans under the Kamyab Pakistan Program, which was just 15% of the increased target.
As of the end of March, Akhuwat, a microfinance organization, has issued Rs4.8 billion in loans to 27,328 persons.
According to officials from the finance ministry, The Bank of Punjab disbursed Rs2.8 billion via the National Rural Support Program(NRSP) to approximately 20,909 clients.
According to the head of a microfinance organization, partner banks have informally instructed microfinance institutions to “go slow,” and they have practically stopped payments as a result of the change in government.
To satisfy its obligations, the institution has asked the Ministry of Finance to authorize Rs10 billion in further payments.
Former finance minister Shaukat Tarin, who was behind the program’s creation, said it is “very regrettable” that public benefit programs like the Kamyab Pakistan Program will be cut.
“These are free-interest loans for the needy.” On Monday, Tarin tweeted, “Have some mercy for the poor.” He said that microfinance had been informed by both the Bank of Punjab and the National Bank of Pakistan.
The State Bank of Pakistan (SBP) distributed Rs426 billion to the 678 richest persons under the Temporary Economic Refinance Facility (TERF), according to Daniyal Aziz, a senior PML-N politician.
