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Finance Minister authorizes PBA to lead task force for sector financing boost

Finance Minister authorizes PBA to lead task force for sector financing boost
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March 29, 2024 (MLN): The Federal Minister for Finance, Muhammad Aurangzeb today authorized the Pakistan Banks' Association (PBA) to lead a task force to accelerate financing in the priority sectors and devise actionable strategies to overcome the existing challenges hindering the growth of these vital sectors.

The force shall comprise representatives from the banking sector, government, and relevant stakeholders.

According to a press release issued on the said day, Muhammad Aurangzeb made these remarks during a significant meeting with the Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmed during his visit to Karachi.

The meeting was also attended by CEOs and Presidents of various leading banks in Pakistan.

The primary agenda of the meeting was to discuss and strategize on enhancing financing and lending to priority sectors to stimulate economic growth and development in Pakistan.

During the meeting, Minister Aurangzeb provided a comprehensive 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 emphasized the critical role of the banking sector in supporting the government's development agenda and urged the banks to increase financing and lending to priority sectors, namely agriculture, Small and Medium-sized Enterprises (SMEs), and Information Technology (IT).

Governor Jameel Ahmed 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.

The meeting concluded with a mutual understanding to strengthen collaboration between the Ministry of Finance, SBP, and the banking sector to promote inclusive and sustainable economic growth in Pakistan.

Minister 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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Posted on: 2024-03-29T19:45:26+05:00