Islamabad: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb convened a virtual meeting with the Governor of the State Bank of Pakistan and the Chairman of the Pakistan Banks’ Association (PBA) to discuss advancements in financing for priority sectors.

According to Press Information Department, Mr. Zafar Masud, Chairman of PBA, outlined several initiatives aimed at creating an inclusive and sustainable financial ecosystem. Proposed measures included electronic warehouse receipt finance, SME index, corporate farming financing, and a venture capital fund for fintechs, among others.

Mr. Jameel Ahmed, Governor of the State Bank of Pakistan, noted the progress made on various fronts concerning PBA’s proposals. He emphasized that some suggestions were already being facilitated through regulatory notifications. He also suggested enhanced consultations with stakeholders, particularly telecom and power companies, to develop data collection and scoring systems for agriculture and SME sectors.

Senator Aurangzeb commended the efforts of PBA and SBP, urging that initiatives with immediate impacts be prioritized for implementation by the end of December, with a rollout expected early next year. The Minister pledged full support for necessary consultations, including hosting a meeting to gather input from all relevant stakeholders and achieve consensus on the proposed initiatives.