*ISLAMABAD – The federal government has identified four key areas to betargeted for the economic growth of Pakistan.*
*Small farmers, low-cost housing, digital payments and a higher share forIslamic banks are the targets of the government’s new strategy for growth.*
Access to finance is super important for economic growth that a country cansustain and that includes everyone. With this in mind, the government hasunveiled a National Financial Inclusion Strategy for the next five years.
As of 2015, only 16% of Pakistan’s adult population had a bank account. Thenumber of accounts for women was even lower at 11%. This strategy adoptedby the previous government led to substantial progress, but more needs tobe done. This is why the sitting government has decided to prioritize NFISas part of its 100-days agenda for the five-year period till 2023.
Read Top Stories
A person’s ability to access finance is critical to ensure that opportunityis evenly spread in society. It is also linked to helping the poor, thefinance ministry said in a document released on Wednesday. However,Pakistan’s level of financial inclusion is one of the lowest in the world,it said. The Prime Minister office will directly monitor the implementationof this plan.
The strategy will help Pakistanis make more digital payments. This includes100% digitization of government receipts and payments. The government hasset a target of 65 million active digital transaction accounts with 20million accounts by women.
