Islamabad: Prime Minister Shehbaz Sharif has emphasized that providing financial facilities on easy terms to various sectors is crucial for Pakistan's sustainable economic growth. He made this assertion while chairing a high-level meeting in Islamabad to review the Access to Finance Plan. According to Radio Pakistan, the Prime Minister highlighted the significance of the SME sector as the backbone of Pakistan's economy and urged banks to substantially increase lending to priority sectors, particularly small and medium enterprises (SMEs). He asserted that easier access to finance would enhance exports, create new employment opportunities, and promote sustainable economic growth. Furthermore, banks that demonstrate better performance in extending financial facilities to priority sectors will be encouraged. Prime Minister Sharif announced his commitment to personally chair monthly review meetings to monitor progress on the Access to Finance Plan. He reiterated the government's dedication to strengthening the e conomy and making it more export-oriented by expanding access to financial services. During the meeting, the Prime Minister was briefed on the plan's priorities and targets, geared towards transitioning from economic stability to sustainable economic growth. The plan focuses on expanding access to financial services and integrating them into the national economic mainstream. Key priorities include enhancing access to affordable credit for SMEs, agriculture, exports, renewable energy, housing, and the information technology sector. The briefing highlighted that the plan aims to boost exports, promote sustainable economic growth, and generate new employment opportunities. A whole-of-government approach will be adopted for its implementation, involving the Ministry of Finance, the State Bank of Pakistan, provincial governments, and other relevant institutions. It was indicated that the Minister for Finance will lead the governance structure, while the Governor of the State Bank of Pakistan will serve as co-ch air. Regular meetings will be held under the new governance framework, with the Prime Minister receiving monthly progress updates. Ambitious targets have been set for the next two years, including increasing the share of SME lending in total private-sector credit from seven percent to ten percent and raising the number of SMEs benefiting from bank financing from 310,000 to 750,000.
PM Stresses Easier Access to Finance for SMEs to Boost Economic Growth
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