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SBP offers interest-free loans to women for starting business

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1 year ago

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  • Central bank’s decision to back those starting their own businesses.
  • SBP official says women can support families via this opportunity.
  • Bank will provide interest-free loans up to Rs0.5 million.

DERA ISMAIL KHAN: In its bid to ensure economic stability and female participation in the workforce, the State Bank of Pakistan (SBP) is offering interest-free loans to unemployed women to start their large-scale businesses.

The central bank’s Dera Ismail Khan Deputy Chief Manager Fazal Muqeem made the announcement while addressing participants of a seminar ‘Women bankability and banking on equality’ at the Government Polytechnic Institute for Women in Dera Ismail Khan on Sunday.

Women, Muqeem said, will be able to support their families by starting their own businesses. He said the current wave of inflation has impacted the entire society and social strata. The SBP official added that it gets difficult for the poor to manage their everyday expenses due to their income resources.

The employment opportunities are also limited in the country, therefore starting of own business is the only way to handle such a situation, he added. He informed that the prime minister introduced different policies with the support of the central bank to make unemployed women productive citizens.

Under these policies, the bank accounts of unemployed women were being opened along with men on an equal basis so that they could be provided with interest-free loans up to Rs0.5 million.

Addressing the seminar, Assistant Director Muhammad Zubair said that today’s era is of digital mobile app and citizens must take benefit from this facility. He said the citizens should become income tax filers which would make them avoid many taxes.

On this occasion, GPI for Women Principal Sara Khan thanked the guests from the SBP. She said their institution was working to make its students skillful so that they could become self-sufficient and useful citizens of society.

She said many women would benefit from this SBP’s policy in the future. She expressed the hope that such type of useful seminars would be organised in the future so that poor and eligible women of DIK could benefit.

On this occasion, GPI for women Principal Sarah Khan, SBP Dera Ismail Khan Assistant Chief Manager Muhammad Amir Ejaz, Assistant Director Muhammad Zubair, Rizwanullah Shah, GPI (women) Placement Officer Zafar Awan, a good number of teachers and female students were present on the occasion.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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2 days ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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2 days ago

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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2 days ago

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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