Action is also fundamental on the fiscal side, especially in view of the concern surrounding the current situation and outlook for public finances. The economic program for 2017 presented to Congress by the Ministry of Finance envisages a surplus in the primary balance for the first time since 2008.
Primarily in informal sector, the microfinance industry is now being nurtured in formal sector. The Microfinance Ordinance, 2001, supported by SBP’s dedicated prudential regulations, provides the legal and regulatory framework for microfinance banks, which is consistent with the best practices.