ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday held a digital Non-bank Microfinance Companies Stakeholders Forum to collaborate on a strategic response to cope with challenges posed by the coronavirus.

SECP Chairman Aamir Khan said the develo­p­ment of microfinance industry depends upon re­­silience and risk management achieved thro­u­­gh quintessential pillars of liquidity — tapped thr­­­­ough private capital and embracing technology.

He endorsed formation of a working group consisting of nominees from the SECP, Pakistan Microfinance Network, Pakistan Microfinance Investment Company and Non-Bank Microfinance Company to further analyse the situation.

The group will take up matters with relevant forums including Ministry of Finance, State Bank of Pakistan and multilateral donor agencies for possible solutions.

Meanwhile, International Finance Corpora­tion Country Manager for Pakistan Nadeem Siddiqui said the global crisis clearly shows the importance of boosting financing to micro, small and medium-sized enterprises (MSMEs).

Published in Dawn, May 6th, 2020