Call for ensuring smooth implementation of SME finance policy

KARACHI: The Governor State Bank of Pakistan (SBP) Tariq Bajwa, has urged business community and banks to ensure smooth implementation of SME finance policy.

"I believe that with active support of business community and banking sector, SME finance policy recently launched by the Prime Minister will achieve its desired objectives", he said while chairing a meeting held at SBP (BSC) Sukkur.

The meeting was attended by the presidents, vice presidents and general secretaries of chambers of commerce and trade associations of Sukkur, Ghotki, Shikarpur, Larkana, Kashmore, Qambar, Jacobabad and Naushahro Feroze. Regional heads of all commercial/Islamic and microfinance banks operating in these areas were also present, says a SBP statement.

Highlighting the consultative process adopted while formulating SME finance policy, the Governor underscored the significance of its smooth implementation and successful execution.

He further said that effective communication of this policy at grassroots level will require number of awareness sessions at different locations in Pakistan.

He went on to add that SBP will conduct outreach programs to create awareness in collaboration with chambers regarding SME finance policy.

Bajwa emphasized upon the importance of key priority sectors in economic development of the country. He explained that Agriculture, SME and low cost housing remain top priority sectors to SBP.

He elaborated the importance of SME sector and explained that recently launched policy for promotion of SME finance comprises of measures which will help in boosting SME financing.

These measures include improving regulatory framework, upscaling of micro finance banks, risk mitigation strategy, simplified procedures for SME financing, program based lending & value chain financing, capacity building & awareness creation, handholding of SMEs, leveraging technology and simplification of taxation regime.

Representative from chambers and trade bodies appreciated the efforts of SBP and assured their full cooperation and effective implementation of this policy.

Qasim Nawaz, Managing Director, SBP (BSC) and Syed Samar Hasnain, Executive Director along with senior SBP officials were also present on the occasion.