Pakistan - Country-level effectiveness and accountability review with a policy diagnostic
Staschen, Stefan | Latortue, Alexia | Perrett, Graham | Mommartz, Rochus | Duflos, Eric
This report points out that at the request of eight development agencies (through the informal donor group) and the governor of the State Bank of Pakistan (SBP), CGAP conducted a Country-Level Effectiveness and Accountability Review (CLEAR) combined with a Policy Diagnostic in Pakistan in November and December 2006. The CLEAR with Policy Diagnostic for Pakistan resulted in recommendations for two separate, but closely linked, types of actors: international funding agencies and government agencies. Some of the findings of the study include: Despite a sound regulatory framework for microfinance and significant injections of donor funding estimated at close to US$ 400 million over the past five years, there is a lack of strong, sustainable institutions that are able to reach the scale necessary to have significant impact. To date, microfinance in Pakistan has been largely regarded as a social service rather than a financial service. Institutions that offer microfinance programs often do not clearly separate them from social programs. Many microfinance providers (MFPs) have staff with strong social sector backgrounds, but little financial sector expertise. And the emphasis on providing immediate assistance to target groups rather than on providing ongoing access to financial services means that microfinance programs have not achieved sustainability, despite large injections of development funds. This report is addressed to all funders and government agencies that support microfinance in Pakistan. It provides a snapshot of key issues facing the development community and policy makers engaged in or concerned with microfinance. This report offers concrete recommendations on how to tackle these issues.
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