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Role of Micro Finance in Pakistan

Half of the world’s population is living below or near poverty line, which is 2 or less then two US dollars. To encourage the development and eliminated poverty UN have announced their goal of millennium to eradicate poverty till 2015. Pakistan is 87th poorest country of the world and 23% of its population is living under poverty line, which is US$ 1 per day. Micro finance is a method to alleviate poverty and empower, and raise the living standard of poor people. Micro finances are provided by the MFIs, who address the financial needs of poor people, neglected by the conventional financial institutions. Micro financial activities are as old as 200 B.C, which were started in India in shape of moneylenders, chit funds and merchant banks. Ireland and Germany are respectively second and third for starting micro financing activities to reduce poverty in 17th and 18th century respectively. Microfinance in Pakistan has been started in 1970s, government redirected credit was used as a development tool. SBFC, YIPS, SES, and YC were among the first schemes started by the FIs under the indirect…

 

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