Govt pushes for social impact financing

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Monday reiterated the government’s commitment to support initiatives that promote inclusive growth, sustainable development and community welfare to create meaningful social impact by empowering the private sector. According to a press release, the Minister’s Committee on Social Impact Financing, which brought together diverse stakeholders from the public and private sectors. Issued by Ministry of Finance. Minister of State among the participants, Governor of State Bank of Pakistan, Chairman of SECP, President of Pakistan Banks Association, MD of Pakistan Baitul Mal were included. -Mal, and MD of State Life Insurance Corporation, among others, the session focused on enhancing social impact, increasing financial inclusion, and advancing innovative financial solutions. Upliftment of Backward Communities in Pakistan. Aurangzeb had a strong policy of social impact financing, leaving implementation to the private sectorand highlighted the role of government in establishing the regulatory framework. Enabling environment rather than creating one more government agency. This is in line with the government’s empowerment objectives,” said Aurangzeb. He also emphasized the importance of shifting from traditional charity models to broader impact financing. Integrating digital solutions to ensure an efficient system. should go, while accountability and impact assessment of stakeholdersHe added. Discussions focused on several key priorities, including developing a policy and regulatory framework to integrate philanthropic contributions, such as charity and zakat, to mobilizing philanthropic capital for disadvantaged sections of society. Seeking sustainable social outcomes, addressing legal challenges, and creating an enabling environment