SBP Governor Chairs Meeting of PBA’s Priority Sectors Initiatives

SBP Governor Chairs Meeting of PBA’s Priority Sectors Initiatives – The Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, chaired the inaugural Steering Committee Meeting aimed at implementing priority sector initiatives recommended by the Pakistan Banks’ Association (PBA).

The meeting focused on bolstering support from the banking industry for three critical sectors: Agriculture, Small and Medium Enterprises (SMEs), and Digital & Technology in Pakistan.

This meeting followed an earlier discussion chaired by Federal Minister for Finance & Revenue, Muhammad Aurangzeb, where he emphasized the need for the banking sector to fully support the government’s strategic economic priorities in these sectors.

Governor Ahmed stated, “Our goal is to create a robust economic environment where businesses of all sizes can prosper. These measures are designed to stimulate growth, encourage innovation, and support sustainable development. We are committed to ensuring that our financial system provides the necessary support to drive economic recovery and long-term prosperity.”

The strategic measures are being implemented with the dedicated efforts of the PBA’s task forces, in close collaboration with the SBP and the Ministry of Finance. The initiatives aim to significantly increase financing to the priority sectors, fostering sustainable economic growth.

Zafar Masud, Chairman of the PBA, remarked, “These measures, initiated by the banking sector as desired by the Finance Minister, come at a crucial time when businesses and consumers alike are seeking stability and growth opportunities. By targeting these essential sectors, the Central Bank and the Ministry of Finance are laying the groundwork for a resilient and dynamic economy going into the future.”

The meeting was attended by key figures including Saleemullah, Deputy Governor of SBP; Syed Irfan Ali, Executive Director of the Financial Inclusion Group at SBP; Sheharyar Sultan, Additional Secretary of the Ministry of Finance; and the PBA Steering Committee members comprising Zafar Masud, Chairman of PBA; Irfan Siddiqui, President & CEO of Meezan Bank Ltd.; Yousaf Hussain, Senior Vice Chairman of PBA; and Ahmed Bozai, Vice Chairman of PBA. Other senior officials from the SBP and PBA were also present.

The collaborative efforts discussed during the meeting underscore the banking sector’s commitment to driving economic growth through targeted support for key sectors. By enhancing financial inclusion and technological integration, these initiatives are expected to pave the way for a more resilient and dynamic Pakistani economy.

Governor Ahmed and the PBA leadership reiterated their commitment to supporting the government’s economic agenda, emphasizing that these priority sector initiatives are vital for the country’s long-term economic stability and growth. The continued collaboration between the SBP, PBA, and the Ministry of Finance is poised to bring about significant advancements in Pakistan’s financial landscape.