Financial inclusion of women a must: Alvi

Says SBP business loans offered to women were not even utilised by 5%

ISLAMABAD:

President Dr Arif Alvi, on Thursday, emphasised the need for financial inclusion and gender parity to ensure women’s representation in every field.

Speaking at an event called BizNet 2023, themed ‘Celebrating Diversity, Inclusion and Pakistan Startups’, he stressed that Pakistan needs to turn 50% of its population into a productive workforce, which requires empowering women through the promotion of their business startups via information technology.

Addressing the event, the president said that the financial empowerment of women and other under-represented groups such as differently-abled persons is crucial for the country’s progress. He also called for gender parity at the organisational and company level, urging them to ensure the representation of women in mainstream and leadership roles.

In the digital age, technology can increase the productivity and efficiency of a business. Therefore, inclusion of women in IT-related startups could also help them earn a livelihood from their homes. President Alvi further stressed that women need to be encouraged to become bank account holders in order to have authority over their finances.

“It is important for society to adopt a positive approach towards women by creating opportunities and ensuring a harassment-free culture for them,” he said.

The president expressed concern that 50% of women graduates from medical colleges quit pursuing their careers after marriage, which was a big loss of a talented workforce. He proposed counselling for parents, husbands, and women doctors to encourage them to utilise their professional capabilities. Both religion and the country’s law support women’s right to inheritance, however, societal ills hinder this in a majority of cases. Similarly, the business loans for women offered by the State Bank of Pakistan (SBP) were not even utilised by 5% of them.

“The responsibility lies on women parliamentarians and other prominent personalities to effectively communicate the message to ensure gender equity,” Alvi urged. Birgit Lamm, Country Head of Germany’s Friedrich Naumann Foundation, Iftikhar Hussain, Founder of Women Business Network and Faryal Sadiq, Chief Sustainability Officer of Interloop startup also spoke at the event.

Published in The Express Tribune, March 17^th, 2023.

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