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Federal Minister for Finance and Revenue Muhammad Aurangzeb on Friday convened a meeting with Governor of the State Bank of Pakistan (SBP) Jameel Ahmad to discuss and strategise on enhancing financing and lending to priority sectors to stimulate economic growth and development in Pakistan.

As per a statement released by the Finance Division, the meeting, which was held in Karachi, was also attended by CEOs and Presidents of various leading banks in Pakistan.

During the meeting, the finance minister provided a briefing on the current economic situation of the country, highlighting the government’s ongoing efforts to promote economic stability, fiscal discipline, and sustainable growth.

“He emphasised the critical role of the banking sector in supporting the government’s development agenda and urged banks to increase financing and lending to priority sectors, namely agriculture, Small and Medium-sized Enterprises (SMEs), and Information Technology (IT),” read the statement.

Aurangzeb eyes fresh staff-level agreement with IMF by end of this fiscal year

Furthermore, Aurangzeb requested the Pakistan Banks’ Association (PBA) to lead a task force comprising representatives from the banking sector, government, and relevant stakeholders, with the primary objective to accelerate financing in the priority sectors and devise actionable strategies to overcome the existing challenges and bottlenecks hindering the growth of these vital sectors.

Governor Jameel Ahmad expressed his support for the minister’s initiatives and emphasized the SBP’s commitment to facilitating an enabling environment for banks to increase lending to priority sectors.

“He highlighted the SBP’s role in providing regulatory support, policy guidance, and financial incentives to encourage banks to expand their financing activities in alignment with the government’s priorities,” read the statement.

During the meeting, Aurangzeb reiterated the government’s commitment to working closely with the banking sector to address the financing needs of priority sectors and ensure the effective implementation of the proposed strategies and initiatives.

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Love Your Country Mar 29, 2024 10:50pm
What are those sectors?
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