ISLAMABAD: The Non-Resident Pakistanis (NRP) USA in collaboration with School of Politics and International Relations (SPIR) at Quaid-i-Azam University (QAU) organized an important conference titled “Reclaiming the Pride of Pakistan through Economic Revitalization: The Role of Microfinancing in Developing Small Farmers”.
The event brought together experts and stakeholders to discuss innovative ways to empower small farmers and strengthen Pakistan’s agricultural economy, said a press release issued on Tuesday.
The conference was hosted by Prof. Dr. Zafar Nawaz Jaspal, a distinguished professor and Dean of the Faculty of Social Sciences at Quaid-i-Azam University. His opening remarks set the stage for an enlightening series of discussions.
Imran Shauket, Governing Council member or NRPs and a food security expert, presented on the “Concept & Need of Kissan Microfinance Bank (KMFB)”. He deliberated that Pakistan has around 50 micro finance institutions serving 10 million clients, in comparison to Bangladesh that has 750 MFIs serving 40 million clients.
He also presented that 90% of the farmers of Pakistan own less than 7 acres of land which is not enough to sustain their families if they cultivate traditional cash crops so they have to be taught to grow value added crops and the KMFB will serve that key role. This session underscored the critical role of tailored microfinance solutions for small farmers in Pakistan.
Pakistan in the World – Aug / Sep 2024
Dr. Abid Suleri, Executive Director of SDPI and a Food Security expert, focused on the intersection of agriculture and sustainable development in ensuring food security. He also spoke of the current food security issues of Pakistan and how MFB can address some of the SDGs.
Ghalib Nishtar, former CEO of Khushhali Bank, provided an overview of the national microfinancing landscape and his insights on the current state and future potential of microfinancing in Pakistan. He also addressed the unmet need of microfinancing for small farmers in Pakistan.
Ambassador Seema Ilahi Baloch, a passionate advocate for women empowerment, highlighted the transformative impact of microfinancing in promoting gender equality in agriculture. She spoke in detail about the role of women in small farms and the fact that 70% of the women workforce of Pakistan is in the agrarian economy. She argued that micro financing can enable these women to transform from farm workers to entrepreneurs.
In concluding remarks Stephen Rasmussen, an international expert on microfinance, offered a regional perspective on micro-financing based on his experiences in setting up micro finance banks in Bangladesh, Afghanistan and Pakistan. He provided valuable input, lessons and strategies for Pakistan.
Closing remarks delivered by Mr. Ammar Jaffri, the session highlighted the pivotal role of technology in transforming agriculture and the numerous opportunities it presents for innovative and sustainable growth.
This conference is a critical step toward redefining the agricultural landscape of Pakistan. By leveraging microfinancing as a tool for economic revitalization, small farmers can achieve sustainable growth, food security can be strengthened, and Pakistan’s can create a $25 billion food processing sector instead of wasting 40 percent of its fruits and vegetable.
Pakistan in the World – November 2024
