Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired the second meeting of the Prime Minister’s Committee on Social Impact Financing at the Finance Division. The meeting focused on developing innovative financial solutions to enhance social impact, promote financial inclusion, and uplift marginalized communities in Pakistan.
According to a statement by Press Information Department, the meeting gathered stakeholders from both public and private sectors, including notable figures such as Dr. Amjad Saqib of Akhuwat Foundation and Mr. Waqas ul Hassan, CEO of Karandaaz. The discussions revolved around addressing critical issues like rapid population growth, which affects child stunting and learning poverty, as well as the ongoing climate change crisis.
The session commenced with a follow-up presentation on previous actions, featuring insights from Karandaaz Pakistan and the Ministry of Poverty Alleviation and Social Safety. Karandaaz emphasized the global expansion of impact investing, now managing $1.571 trillion in assets. The organization proposed a $250 million Green Impact Fund to support green micro and small enterprises, leveraging global climate financing and other funding sources.
The Ministry of Poverty Alleviation highlighted several ongoing initiatives, including the Benazir Income Support Programme and the National Poverty Graduation Program. These programs aim to provide nutrition, financial aid, and livelihood training to vulnerable populations, reporting significant gains in poverty reduction and income increases.
Strategic discussions during the meeting focused on mobilizing philanthropic capital, enhancing financial inclusion, and fostering public-private partnerships to tackle climate change and promote sustainable development. The Finance Minister stressed the importance of monitoring social impact outcomes and building capacity across sectors to ensure a broader impact.
In closing, the Finance Minister urged stakeholders to expedite the finalization of proposed frameworks to achieve Pakistan’s sustainable development and poverty alleviation goals.