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Finance Minister Muhammad Aurangzeb emphasizes critical role of the banking sector in supporting govt’s development agenda

KARACHI: Federal Minister for Finance and Revenue, Muhammad Aurangzeb, convened a significant meeting with the Governor of the State Bank of Pakistan (SBP), 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, Finance Minister Muhammad 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).

Furthermore, Finance Minister Muhammad Aurangzeb requested the Pakistan Banks' Association (PBA) to lead a task force comprising representatives from the banking sector, government, and relevant stakeholders, with the primary objective to accelerate financing in the priority sectors and devise actionable strategies to overcome the existing challenges and bottlenecks hindering the growth of these vital sectors.

Governor SBP 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.

Finance Minister Muhammad 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.