Karachi: Finance Minister Muhammad Aurangzeb has announced the creation of a dedicated Small and Medium Enterprise (SME) Finance Task Force aimed at enhancing access to financial resources for SMEs. This initiative was revealed during his address at the Pakistan Banking Summit 2026, where he urged a collective industry effort to amplify private sector lending while advocating for comprehensive banking sector reforms and sustainable economic growth.
According to Radio Pakistan, the newly established task force will be spearheaded by the State Bank of Pakistan (SBP) and will include senior representatives from the Pakistan Banks’ Association (PBA), Small and Medium Enterprises Development Authority (SMEDA), various chambers of commerce and industry, and the Ministry of Finance. The task force is expected to propose actionable strategies to improve SME financing and expand credit access across the banking sector.
Aurangzeb highlighted the critical role of the banking sector in fostering economic development, emphasizing that increased lending to SMEs, exporters, agriculture, manufacturing, construction, housing, and the information technology sector is essential for achieving long-term economic growth. He called for a unified industry approach to enhance SME financial access rather than leaving it to a limited number of institutions.
The Finance Minister also pointed to Pakistan’s strengthening macroeconomic conditions, noting the country’s strong fiscal performance, including a primary surplus, a reduced fiscal deficit, improved debt metrics, sustained current account advancements, record remittances, growing foreign exchange reserves, and successful entries into international capital markets, exemplified by the issuance of Pakistan’s first Panda Bond.
Furthermore, Aurangzeb reiterated the government’s dedication to converting macroeconomic stability into enduring, export-driven growth through structural reforms and consistent policies. He also affirmed the commitment to introducing a Medium-Term Tax Strategy to offer businesses enhanced certainty and predictability.