Govt unveils new oversight body to fast-track access to finance plan

July 27, 2026 (MLN): Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Monday chaired the inaugural meeting of the Access to Finance Steering Committee, marking the formal launch of the government's oversight mechanism for implementing the Prime Minister's Access to Finance Plan 2026–2028.

The committee is tasked with accelerating affordable financing for priority sectors, including small and medium-sized enterprises (SMEs), agriculture, information technology (IT), exports, renewable energy, and housing.

During the meeting, participants reviewed the implementation roadmap, governance structure, and key workstreams designed to improve financial inclusion, expand access to affordable credit, and strengthen financing across targeted sectors.

The committee also assessed progress on major government-backed financing programmes, including Zarkhez-e (Asaan Zarai Qarza), the Apna Ghar Scheme, and the Pakistan Accelerated Vehicle Electrification (PAVE) initiative, which aims to promote affordable electric bikes and e-rickshaws.

Officials discussed a three-tier governance model comprising monthly progress updates to the Prime Minister, fortnightly reviews by the Steering Committee led by the finance minister, and weekly meetings of sector-specific sub-committees.

The framework will be supported by resolution target dates (RTDs), an escalation mechanism, periodic reporting, and a performance monitoring dashboard to improve accountability and implementation.

Aurangzeb said the Steering Committee would serve as the government's central platform for policy coordination, progress monitoring, and timely decision-making.

He noted that the body would help remove implementation hurdles, strengthen coordination among regulators, financial institutions, and executing agencies, and ensure the delivery of measurable outcomes under the Access to Finance Plan.

The meeting also reviewed application, approval, and disbursement trends under the flagship financing schemes while identifying operational challenges requiring continued coordination with participating banks and institutions.

Members were further briefed on reforms aimed at expanding SME financing, including plans to increase outstanding SME credit, raise the banking sector's share of SME lending, and expand the number of active SME borrowers.

The reform agenda also includes the introduction of SME credit scoring, development of an Open Banking Framework and SME Digital Portal, integration with credit bureaus, and measures to improve financing across key value chains.

The finance minister stressed that the success of the Access to Finance Plan would depend on disciplined execution, clear accountability, and close institutional coordination.

He called for strict adherence to implementation timelines and continuous monitoring through data-driven performance indicators to sustain reform momentum.

The meeting was attended by Finance Secretary Imdadullah Bosal, State Bank of Pakistan Governor Jameel Ahmad, the chairman of the Securities and Exchange Commission of Pakistan (SECP), the chairman of the Pakistan Banks' Association (PBA), the chief executive officer of Karandaaz Pakistan, and senior officials from the Finance Division, SBP, and SECP.

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