Islamabad: Adviser to the Prime Minister for Industries and Production, Haroon Akhtar Khan, convened a consultative session with stakeholders from Small and Medium Enterprises (SMEs), banking sectors, the State Bank of Pakistan, and government departments to tackle the challenges businesses face in securing affordable and timely financing. The session focused on identifying financial constraints and procedural hurdles that hinder SME growth.

According to Press Information Department, representatives from various SME clusters expressed concerns over difficulties in obtaining credit and accessing suitable financial facilities necessary for expanding operations and meeting working capital needs. Haroon Akhtar Khan addressed these issues, urging banks and the State Bank of Pakistan to prioritize the concerns of SME clusters and ensure effective follow-up and accountability.

The Adviser highlighted Prime Minister Muhammad Shehbaz Sharif’s directive to double SME financing, reinforcing the government’s commitment to enhancing access to finance and strengthening SMEs’ role in the national economy. He emphasized the importance of simplifying lending procedures and improving coordination between banks and business clusters.

Haroon Akhtar Khan noted that SMEs are crucial to Pakistan’s economy, contributing significantly to GDP and employment. Limited access to finance was identified as a major barrier to growth for many businesses. The session aimed to bridge the gap between financial institutions and businesses by developing workable solutions and promoting stronger coordination among all stakeholders.

The Ministry of Industries and Production will continue its efforts to engage with relevant stakeholders, promote a supportive environment for SMEs, and address financing barriers through direct consultation and coordinated action.