Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a virtual meeting with the Pakistan Banks’ Association (PBA) today, focusing on the evolving economic situation and the necessity for close coordination among the government, the State Bank of Pakistan, and the banking sector to maintain financial stability.

According to Press Information Department, the Finance Minister briefed participants on the government’s continued monitoring of economic developments and the steps being taken to assess their potential implications. A high-level coordination mechanism has been established to review ongoing developments in global markets, particularly concerning supply chains and energy markets, and their impact on macroeconomic indicators. The government is conducting scenario analyses to evaluate potential effects on inflation, external accounts, and economic stability, with a focus on ensuring continuity of essential supplies and macroeconomic stability.

Senator Aurangzeb emphasized the importance of coordinated decision-making and encouraged the banking industry to continue supporting businesses and customers while maintaining responsible risk management. He highlighted operational resilience and effective communication within the financial sector as crucial to ensuring uninterrupted financial services. The Finance Minister also reaffirmed the government’s commitment to working closely with the State Bank of Pakistan and the financial sector to respond to developments promptly.

Chairman PBA, Mr. Zafar Masud, briefed the Finance Minister on the banking sector’s internal consultations and preparedness measures. He noted that the industry had established a coordination framework to facilitate timely consultation and information sharing among financial institutions. The PBA Chairman stressed the importance of ongoing coordination with the government, the central bank, and international banking partners to ensure financial market stability and support for essential economic activity. Mr. Masud confirmed the banking industry’s commitment to collaborating with the government and regulators to address emerging challenges.