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ISLAMABAD, Sep 28 (APP):Coordinator to Federal Tax Ombudsman (FTO) Meher Kashif Younis Thursday said State Bank of Pakistan’s (SBP) initiative to provide interest free loans to unemployed women was a step forward in pursuit of fostering both economic stability and empowering to embark on substantial entrepreneurial ventures.
Speaking to a delegation of women entrepreneurs led by Ms Maheen, he underscored that women, through the establishment of their own businesses, would not only be able to provide for their families but also confront the pervasive impact of the current inflationary trends that affect every echelon of society, said a news release here.
He highlighted the financial difficulties faced by economically disadvantaged individuals in meeting their daily expenses due to limited income avenues.
Globally only 47 percent of women are active in today’s labor markets, compared with 72 percent of men and the average global gap has fallen by only 1 percentage point annually over the past three decades and remains unacceptably wide, he added.
The coordinator said IMF analysis of three decades of data showed the countries had made progress increasing women’s participation, but economies of all income levels experienced several setbacks—a result of shocks, crises and policy reversals.
Meher Kashif said countries must step up efforts to break down barriers to women’s participation in the labor market such as limited access to education, health, assets, finance, land, legal rights, and care services.
They should systematically take account of how macroeconomic, structural, and financial policy packages impact women,he added.
The policy makers can of course lift growth in many ways, from governance reforms to strengthen institutions, to financial reforms to unlock capital for investment, he remarked
Emerging and developing economies could boost gross domestic product by about 8 percent over the next few years by raising the rate of female labor force participation, he added.