PPAF celebrates PMIFL milestone

KARACHI:  The Pakistan Poverty Alleviation Fund (PPAF) held an event titled ‘Journey of 250,000 Households to Self-Reliance’ at the Prime Minister Office in Islamabad.

“The present government is determined to provide an array of opportunities to the poor people of Pakistan especially women, youth and marginalized segments of society so that they can play an effective role in national development,” Leila Khan, chairperson, Prime Minister’s Youth Programme, told the participants of the event.

"PPAF was mandated by the Government of Pakistan to mobilize, implement and monitor the Prime Minister's Interest Free Loan scheme (PMIFL) for 4 years (2014-18). The journey that started in July 2014 with a total allocation of Rs3.5 billion, of which Rs3.1 billion was for on-lending, has to date disbursed Rs5.5 billion due to the efficient revolving of funds and a recovery rate of 99%.”

The event commemorated a significant milestone of the Prime Minister Interest Free Loan Scheme as PPAF reached a quarter of a million borrowers.