Tech, Microfinance Key to Pakistan’s Agricultural Revival
News Desk
Islamabad: Technology-driven transformation in agriculture is emerging as a key factor in ensuring food security and fostering innovative, sustainable growth in Pakistan.
Coupled with this, the microfinance sector plays a vital role in leveraging this potential to drive the country’s economic progress.
These insights were shared by speakers at a seminar organized by Non-Resident Pakistanis (NRP) in collaboration with the School of Politics and International Relations (SPIR), Quaid-i-Azam University (QAU), Islamabad, on Tuesday.
Dr Zafar Nawaz Jaspal, Dean of the Faculty of Social Sciences at QAU, said that beyond the strategic domain, Pakistan faces significant economic challenges deeply intertwined with political instability.
This political unrest largely stems from economic instability, often symbolized by the infamous image of the “begging bowl” associated with the country’s prime ministers.
Such economic fragility has undermined Pakistan’s integrity on the global stage, making it increasingly susceptible to the influence of major economic powers.
Dr Jaspal, however, said that microfinance presents a promising opportunity to stabilize the economy and create avenues for youth empowerment, offering a pathway toward sustained economic growth and resilience.
NRPs Governing Council member Imran Shaukat noted that Pakistan currently has around 50 microfinance institutions (MFIs) serving 10 million clients, in stark contrast to Bangladesh, which boasts 750 MFIs serving 40 million clients.
Shaukat emphasized the dire situation of Pakistani farmers, 90 percent of whom own less than seven acres of land—an area insufficient to sustain families through traditional cash crop cultivation.
Shaukat stressed the need to train farmers in cultivating value-added crops, a goal the Khushhali Microfinance Bank (KMFB) aims to achieve.
Dr Abid Suleri, Executive Director of SDPI, underscored the intersection of agriculture and sustainable development, emphasizing its importance for ensuring food security. He called for innovative approaches to agriculture to address the country’s pressing challenges.
Former CEO of Khushhali Bank, Ghalib Nishtar, presented an overview of the national microfinance landscape, discussing its current state and future potential. He highlighted the unmet needs of small farmers and emphasized the role of microfinance in supporting them.
Former Ambassador Seema Ilahi Baloch shed light on the transformative impact of microfinance in promoting gender equality within agriculture. She argued that microfinance could empower women, enabling them to transition from farm laborers to entrepreneurs, thereby driving both economic and social change.
Stephen Rasmussen, an international microfinance expert, provided a regional perspective, sharing his experiences in establishing microfinance banks in Bangladesh, Afghanistan, and Pakistan. He discussed the potential for tailored microfinance solutions to create lasting impacts in the region.
The session concluded with remarks from Ammar Jaffri, who emphasized the importance of leveraging microfinance to reshape Pakistan’s agricultural sector. He highlighted its potential to reduce food wastage and boost the economy by creating a $25 billion food processing sector.
