Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, convened the sixth meeting of the Access to Finance Steering Committee to evaluate advancements in expanding affordable financial services across key sectors, such as small and medium enterprises (SMEs), agriculture, housing, and exports.
According to Press Information Department, the Committee emphasized the critical role of financial access in fostering economic growth, entrepreneurship, and poverty alleviation. The meeting focused on assessing the progress of previously established actions and addressing challenges identified by sectoral sub-committees.
The Committee noted significant developments in SME financing, with outstanding loans reaching PKR 1.148 trillion. Efforts are underway to enhance SME readiness through financial literacy and digital tools, with SMEDA playing a pivotal role in collaboration with lenders and regulators.
In agriculture financing, the Committee reported outstanding credit of PKR 1.329 trillion, with a notable number of smallholder farmers benefiting from the Prime Minister’s Zarkhez-e Scheme. Discussions included expanding private sector involvement in agricultural value chains.
Housing finance also saw progress, with PKR 455 billion in outstanding loans. The Apna Ghar Program approved substantial financing, though the Committee highlighted the need to expedite disbursements and address supply constraints.
The PAVE Scheme, aimed at promoting electric vehicle mobility, showed promising results with numerous applications approved and loans disbursed. The Committee also explored digital initiatives for improving credit assessment and lending practices.
Legal and regulatory frameworks were discussed to enhance the financing landscape, focusing on recovery mechanisms and reducing lending risks. Senator Aurangzeb called for intensified efforts in SME and agriculture financing to ensure broader access to financial services and tangible benefits for underserved communities. The meeting included high-level officials from various government departments and financial institutions.