Federal Minister for Finance & Revenue updated on the Banking Sector’s Strategic Initiatives in Priority Sectors – Startup Pakistan

  Federal Minister for Finance & Revenue, Mr. Muhammad Aurangzeb visited the Pakistan Banks’ Association and met with the Presidents & CEOs of the banking sector. The Chairman, PBA, Mr. Zafar Masud provided an update on the progress of initiatives aimed at boosting the three key sectors of Agriculture, Small and Medium Enterprises (SMEs), and Digital & Technology in Pakistan.

The discussion underlined the banking sector’s commitment to fostering financial inclusion in the Country.

In his remarks, the Federal Minister called on the entire sector to contribute to priority areas based on their size, capabilities, and unique strengths. He emphasized a return to fundamentals, urging banks to prioritize lending to farmers and increase cash-flow based lending. He expressed confidence in the banking sector’s ability to drive economic growth.

Regarding the digital sector, the Federal Minister advocated for supporting software houses and freelancers. Highlighting IT as a key growth driver, he stressed the importance of leveraging the substantial IT budget. The Minister encouraged banks to collaborate with the government to maximize the impact on the IT sector.

During the session, Chairman PBA, Zafar Masud, along with the Steering Committee members on these initiatives, including Senior Vice Chairman PBA, Yousaf Hussain, Vice Chairman PBA, Ahmed Bozai, and CEO/Secretary General PBA, Muneer Kamal, gave a comprehensive presentation on the developments in each sector. The proposals were developed in close consultation with SBP to ensure they effectively address the unique challenges and highlight the opportunities within each sector.

The Minister commended PBA’s Steering Committee, and the respective Task Forces for their thorough analysis and valuable recommendations. He highlighted the crucial role of the banking community in driving economic growth. He stressed that the banks to enhance their efforts in supporting these priority sectors to foster economic development and prosperity.

“The PBA is taking decisive steps to work with the Ministry of Finance and the SBP in implementing these recommendations to enhance the banking sector’s contribution to Pakistan’s economy.” Commented Zafar Masud, Chairman – PBA at the end of the meeting.

The meeting was attended by Minister of State, Ali Pervaiz Malik, Chairman Federal Board of Revenue (FBR) Amjed Zubair Tiwana, Director to Minister Finance Sheharyar Ahmad, and CEOs of leading banks. Other senior officials from the PBA were also present at the meeting.