PM Shehbaz stresses easier access to finance for various sectors

Islamabad (Web Desk): Prime Minister Shehbaz Sharif has stressed that improving access to affordable financing for key economic sectors is vital to ensuring Pakistan's long-term and sustainable economic development.

Chairing a high-level meeting in Islamabad on Friday to review the Access to Finance Plan, the prime minister described small and medium-sized enterprises (SMEs) as the foundation of the country's economy and urged banks to expand lending to priority sectors, particularly SMEs.

He said easier financing would strengthen exports, generate employment opportunities and support steady economic growth. Shehbaz Sharif added that financial institutions showing stronger performance in providing loans to priority sectors would receive government encouragement.

The prime minister also announced that he would personally oversee the implementation of the Access to Finance Plan through monthly review meetings to assess progress.

Reaffirming the government's economic agenda, Shehbaz Sharif said expanding financial inclusion is essential to building a stronger, export-driven economy.

During the meeting, officials briefed the prime minister on the objectives and targets of the Access to Finance Plan, which is designed to help transition Pakistan from economic stability to sustained economic growth.

The briefing explained that the plan focuses on widening access to financial services and bringing more businesses and individuals into the formal financial system.

It also aims to increase the availability of affordable credit for SMEs, the agriculture sector, exporters, renewable energy projects, housing and the information technology industry.

Officials said the strategy is expected to encourage exports, support lasting economic expansion and create new jobs across the country.

Participants were informed that the plan will be implemented through a coordinated government-wide approach involving the Ministry of Finance, the State Bank of Pakistan, provincial governments and other relevant institutions.

Under the proposed governance framework, the finance minister will lead implementation, while the governor of the State Bank of Pakistan will serve as co-chair.

Regular review meetings will be held, and the prime minister will receive monthly updates on the plan's progress.

The briefing further revealed that ambitious goals have been set for the next two years, including increasing the share of SME financing in total private-sector lending from seven percent to ten percent and expanding the number of SMEs receiving bank loans from 310,000 to 750,000.