ISLAMABAD (TDI): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a virtual meeting with the Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, and the Chairman of the Pakistan Banks’ Association (PBA), Zafar Masud, along with their teams, to evaluate progress on financing for priority economic sectors.
During the meeting, PBA Chairman Zafar Masud outlined several proposed initiatives aimed at fostering an inclusive and sustainable financial ecosystem.
These initiatives included electronic warehouse receipt financing, SME index development, corporate farming financing, venture capital funding for fintechs, revival of agricultural cooperatives, and the establishment of a financial data exchange platform.
For short-term impact, he recommended programs like fan financing, electric vehicle (EV) financing, solarization of tube-wells, and markup subsidies with first-loss coverage for SME financing.
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SBP Governor Jameel Ahmed highlighted the progress made on various proposals and shared that the central bank had already issued regulatory notifications to facilitate their implementation.
He emphasized the importance of proactive consultations with stakeholders, including telecom and power companies, to gather data and develop scorecards for agriculture and SME sectors, which are critical for sustainable financing.
Senator Aurangzeb commended the efforts of the SBP and PBA, acknowledging the tangible steps taken to promote financing for priority sectors.
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He stressed the need to prioritize initiatives with immediate impact and urged stakeholders to compress timelines to finalize and launch these initiatives by early next year.
The Finance Minister assured full government support for organizing consultations between SBP, PBA, and relevant ministries.
He also announced that the Finance Division would convene a meeting with all stakeholders to address their concerns and build consensus on the proposed measures.
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