Pakistan Economy Watch (PEW) on Monday lauded the initiatives of the Securities and Exchange Commission of Pakistan (SECP) aimed at economic revival and strengthening the financial system of the country during the virus emergency.
The PEW has been demanding inclusion of insurance in the list of essential services and now the SECP has asked the authorities to include insurance, modaraba, non-bank finance sector, non-bank microfinance companies and companies involved in not for profit activities in the list of essential services, it said.
Chairman of the SECP in his letter to the authorities stated that these sectors form an integral part of the economy and their uninterrupted operations are very important, which is very good and timely move, said Chairman Brig. (retd) Muhammad Aslam Khan.
He said that these companies are providing financial facilities to a wide range of customer base many of whom lack access to formal banking or financial services while non-bank microfinance institutions cater to the needs of more than half of the 7.2 million active micro borrowers comprising poor and microenterprises.
A large number of persons, microenterprises, SMEs, corporates and the general public need to access these institutions to manage immediate liquidity demands, therefore they should be facilitated, he added.
Muhammad Aslam Khan said that the interruption in services for a long time can adversely affect the investors, depositors, customers and the general public and raise doubts.
He said that another important issue which merits the full attention of the authorities is the plight of Pakistanis stranded abroad due to cancellation of flights.
The government should redouble efforts to repatriate Pakistanis stranded if different countries which include 35000 stranded in UAE.
Only one plane is being arranged to repatriate such a huge number of Pakistanis even after numerous requests by the UAE government which will take a lot of time, he said.
Similarly, hundreds of Pakistan students, businessmen and visitors are stranded in the UK and other countries which are being facilitated in a proper way. The diplomatic missions in some countries are not playing their due role amid the pandemic, he said.
