SBP governor chairs meeting on implementation of priority sector initiatives

KARACHI: The Governor State Bank of Pakistan (SBP), Jameel Ahmed, chaired the first Steering Committee meeting for the implementation of priority sectors initiatives recommended by the Pakistan Banks’ Association (PBA).

The meeting focused on enhancing support from the banking industry in three key sectors of Agriculture, Small and Medium Enterprises (SMEs), and Digital & Technology in Pakistan.

The meeting was in continuation of an earlier discussion chaired by the Federal Minister for Finance & Revenue Muhammad Aurangzeb last month where he urged the banking sector to extend its full support to the government in operationalising its strategic economic priorities pertaining to these sectors.

Addressing the meeting Governor SBP Jameel Ahmed said SBP’s goal is to create a robust economic environment where businesses of all sizes can prosper. “These measures are designed to stimulate growth, encourage innovation and support sustainable development. We are committed to ensuring that our financial system provides the necessary support to drive economic recovery and long-term prosperity,” he added.

He said that the strategic measures are currently being implemented with the support of the PBA’s dedicated taskforces and in close consultation with the SBP and the Ministry of Finance. Once implemented these measures will result in sustained increase in financing to the priority sectors, he hoped.

Zafar Masud, Chairman PBA said that these measures, initiated by the banking sector as desired by the Federal Finance Minister, come at a crucial time when businesses and consumers alike are seeking stability and growth opportunities.

By targeting these essential sectors, the Central Bank and the Ministry of Finance are laying the groundwork for a resilient and dynamic economy going into the future, he added.

The meeting was attended by Saleemullah Deputy Governor SBP, Syed Irfan Ali Executive Director (Financial Inclusion Group) SBP, Sheharyar Sultan Additional Secretary Ministry of Finance, and the PBA Steering Committee comprising of Zafar Masud, Chairman PBA, Irfan Siddiqui President & CEO Meezan Bank Ltd., Yousaf Hussain Senior Vice Chairman PBA, Ahmed Bozai Vice Chairman PBA and other senior officials from the SBP and PBA.

Copyright Business Recorder, 2024