A local publication claimed that the federal cabinet agreed to alter the Kamyab Pakistan Program (KPP) guarantee from 100% to 50 percent.
On the recommendation by the Governor of the State Bank of Pakistan (SBP), Dr. Reza Baqir, the decision was made to modify the guarantee downwards.
Banks, DFIs and Pakistan Mortgage Refinance Companies shall get the guarantee concerned (PMRCs). On 16 July 2021, the Finance Division called on the ECC to approve the program in Kamyab Pakistan.
During the following discussion, Finance Minister Shaukat Tarin who is Chairman of ECC explained that the programme, through microfinance institutions particularly in the agriculture sector and housing, would strengthen low-income groups by giving them with modest loans.
The loan threshold of Rs. 150,000 per crop was recommended for farming.
Governor SBP, Dr. Reza Baqir, said that government loan guarantees may be retained at 50 percent to ensure credit market sustainability.
SECP clearance was also proposed to be necessary for the permission of the direct debit. Both recommendations were accepted by the ECC.
The ECC adopted the Kamyab Pakistan Program summary after a thorough debate. The ECC Decision of 27 July 2021 was also confirmed by the Federal Cabinet.
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