Pakistan’s Finance Minister asks banks to focus on agricultural lending
Federal Finance Minister Muhammad Aurangzeb met with the Presidents and CEOs of the banking sector at the Pakistan Banks’ Association (PBA) to discuss the sector's role in driving economic growth.
PBA Chairman Zafar Masud provided an update on initiatives targeting agriculture, small and medium enterprises (SMEs), and the digital and technology sectors in Pakistan. The meeting highlighted the banking sector’s commitment to enhancing financial inclusion across the country.
In his address, Minister Aurangzeb called for banks to leverage their strengths and capabilities to focus on key areas, particularly urging them to prioritize lending to farmers and increase cash-flow based lending. He expressed confidence in the sector's ability to support economic development.
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extend record Rs1.78 trillion to agriculture sector
On the topic of the digital sector, Aurangzeb emphasized the importance of supporting software houses and freelancers, recognizing IT as a significant growth driver. He urged banks to collaborate with the government to maximize the impact of the substantial IT budget.
Chairman Masud, along with Steering Committee members including Senior Vice Chairman Yousaf Hussain, Vice Chairman Ahmed Bozai, and CEO/Secretary General Muneer Kamal, presented detailed updates on the initiatives for each sector. These proposals were developed in close consultation with the State Bank of Pakistan (SBP) to effectively address sector-specific challenges and opportunities.
Aurangzeb commended the PBA’s Steering Committee and Task Forces for their in-depth analysis and recommendations. He underscored the vital role of the banking community in fostering economic development and urged banks to enhance their efforts in supporting these priority sectors.
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institutions extend Rs. 1.1 trillion in loans to agriculture sector in first
half of FY24
Zafar Masud, Chairman of PBA, concluded the meeting by stating, “The PBA is committed to working closely with the Ministry of Finance and the SBP to implement these recommendations and strengthen the banking sector’s contribution to Pakistan’s economy.”
The meeting was attended by Minister of State Ali Pervaiz Malik, Chairman of the Federal Board of Revenue (FBR) Amjed Zubair Tiwana, CEOs of major banks, and other senior PBA officials.
Source:
Pro Pakistani