Karachi: Minister for Finance and Revenue Muhammad Aurangzeb convened meeting with Governor of State Bank of Pakistan Jameel Ahmad to discuss and strategise on enhancing financing and lending to priority sectors to stimulate economic growth and development.

As per statement released by Finance Division, meeting was also attended by CEOs and presidents of various leading banks in Pakistan.

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

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

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

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

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

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

Published in The Daily National Courier, March, 30 2024

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