SBP Governor chaired implementation meeting of PBA’s priority sectors initiatives

State Bank of Pakistan (SBP)

Karachi, June 05, 2024 :The Governor State Bank of Pakistan (SBP), Jameel Ahmed chaired the first Steering Committee Meeting for the implementation of priority sectors initiatives recommended by the Pakistan Banks’ Association (PBA).

The meeting focused on enhancing support from the banking industry in three key sectors of Agriculture, Small and Medium Enterprises (SMEs), and Digital & Technology in Pakistan.

The meeting was in continuation of an earlier discussion chaired by the Federal Minister for Finance & Revenue, Muhammad Aurangzeb last month, where he urged the banking sector to extend its full support to the government in operationalizing its strategic economic priorities pertaining to these sectors.

Governor SBP said, “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 currently being implemented with the support of the PBA’s dedicated task forces and in close consultation with the SBP and the Ministry of Finance. Once implemented these measures will result in sustained increase in financing to the priority sectors.

Zafar Masud, Chairman – PBA stated, “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 Saleemullah, Deputy Governor – SBP, Syed Irfan Ali, Executive Director (Financial Inclusion Group) – SBP, Sheharyar Sultan, Additional Secretary – Ministry of Finance, and the PBA Steering Committee comprising of Zafar Masud, Chairman – PBA, Irfan Siddiqui, President & CEO Meezan Bank, Ltd., Yousaf Hussain, Senior Vice Chairman – PBA, and Ahmed Bozai, Vice Chairman – PBA. Other senior officials from the SBP and PBA were also present at the meeting.

Leave a Reply

Your email address will not be published. Required fields are marked *