ISLAMABAD: Prime Minister Shehbaz Sharif has emphasized that providing financial facilities on easy terms to specific sectors is crucial for achieving sustainable economic growth in Pakistan. He made these remarks while chairing a high-level meeting in Islamabad to review the Access to Finance Plan.

According to Radio Pakistan, the Prime Minister described the small and medium enterprises (SME) sector as the backbone of the country’s economy and urged banks to significantly increase their lending to priority sectors, particularly SMEs. He noted that easier access to finance would aid in boosting exports, creating employment opportunities, and promoting sustainable economic development.

The Prime Minister announced plans to personally chair monthly review meetings to monitor the progress of the Access to Finance Plan. He affirmed the government’s commitment to strengthening the economy and making it more export-oriented by expanding access to financial services.

During the meeting, the Prime Minister was briefed on the plan’s priorities and targets, which aim to accelerate the country’s transition from economic stability to sustainable growth. The plan’s primary focus is to improve access to affordable credit for sectors such as SMEs, agriculture, exports, renewable energy, housing, and information technology.

The briefing outlined that the plan seeks to enhance exports, promote economic growth, and generate new employment opportunities. It was highlighted that a whole-of-government approach will be adopted for its implementation, involving the Ministry of Finance, the State Bank of Pakistan, provincial governments, and other related institutions.

The governance structure of the plan will be led by the Minister for Finance, with the Governor of the State Bank of Pakistan serving as co-chair. Regular meetings will be held under this new framework, with monthly briefings to the Prime Minister on the plan’s progress.

Ambitious targets have been set for the next two years, including increasing the share of SME lending in total private-sector credit from seven percent to ten percent and raising the number of SMEs benefiting from bank financing from 310,000 to 750,000.