ISLAMABAD: The Federal Minister for Finance and Revenue, Muhammad Aurangzeb, held a significant meeting with Jameel Ahmed, the Governor of the State Bank of Pakistan (SBP), during his visit to Karachi.
The meeting was attended by CEOs and Presidents from various leading banks in Pakistan. The primary focus of the meeting was to strategize and discuss ways to boost financing and lending to priority sectors, thereby stimulating economic growth and development in Pakistan.
Minister Aurangzeb provided a detailed overview of the country’s current economic situation during the meeting. He highlighted the government’s ongoing efforts to promote economic stability, maintain fiscal discipline, and foster sustainable growth.
Stressing the pivotal role of the banking sector in supporting the government’s development agenda, he urged banks to increase financing to priority sectors such as agriculture, Small and Medium-sized Enterprises (SMEs), and Information Technology (IT).
Moreover, Minister Aurangzeb called upon the Pakistan Banks’ Association (PBA) to lead a task force comprising stakeholders from the banking sector, government officials, and relevant parties.
The task force’s main objective would be to expedite financing in priority sectors and develop actionable strategies to address existing challenges and obstacles hindering their growth.
Governor Jameel Ahmed expressed his backing for the Minister’s initiatives and reaffirmed the SBP’s dedication to creating a conducive environment for banks to boost lending to priority sectors.
He emphasized the SBP’s role in providing regulatory support, offering policy guidance, and providing financial incentives to encourage banks to expand their financing activities in line with government priorities.
The meeting concluded with a mutual agreement to enhance collaboration between the Ministry of Finance, SBP, and the banking sector to foster inclusive and sustainable economic growth in Pakistan.
Minister Aurangzeb reiterated the government’s commitment to working closely with banks to meet the financing requirements of priority sectors and ensure the effective implementation of proposed strategies and initiatives.
