Finance Minister Muhammad Aurangzeb Meets Pakistan Banks’ Association to Discuss Key Economic Sectors
Islamabad – Federal Minister for Finance Muhammad Aurangzeb visited the Pakistan Banks’ Association (PBA) for a meeting with the Presidents and CEOs of leading banks. The focus of the discussion was on the banking sector’s role in promoting growth in agriculture, small and medium enterprises (SMEs), and the digital and technology sectors in Pakistan.
During the meeting, PBA Chairman Zafar Masud provided an update on the ongoing initiatives aimed at enhancing these critical sectors. He emphasized the banking industry’s commitment to fostering financial inclusion across the country. The initiatives are being developed in close consultation with the State Bank of Pakistan (SBP) to address sector-specific challenges and capitalize on emerging opportunities.
In his remarks, Minister Aurangzeb urged banks to leverage their unique strengths and capabilities to contribute to these priority areas. He highlighted the importance of returning to fundamental banking practices, particularly by increasing lending to farmers and adopting cash-flow-based lending strategies. The Minister expressed confidence in the banking sector’s potential to drive significant economic growth.
Addressing the digital sector, the Finance Minister emphasized the importance of supporting software houses and freelancers. He identified information technology (IT) as a key driver of future economic growth and urged banks to collaborate with the government to maximize the impact of the substantial IT budget on the sector.
The meeting also featured comprehensive presentations from PBA Steering Committee members, including Senior Vice Chairman Yousaf Hussain, Vice Chairman Ahmed Bozai, and CEO/Secretary General Muneer Kamal. The presentations highlighted the progress and strategic proposals for each sector.
Minister Aurangzeb commended the PBA Steering Committee and the respective Task Forces for their thorough analysis and valuable recommendations. He stressed the crucial role of the banking community in driving economic growth and urged banks to intensify their efforts in supporting these priority sectors to foster economic development and prosperity.
Zafar Masud, Chairman of PBA, concluded the meeting by reiterating the association’s commitment to working closely with the Ministry of Finance and the SBP to implement the recommendations. “The PBA is taking decisive steps to enhance the banking sector’s contribution to Pakistan’s economy,” he stated.
The meeting was attended by key government officials, including Minister of State Ali Pervaiz Malik and Chairman of the Federal Board of Revenue (FBR) Amjed Zubair Tiwana, along with the CEOs of leading banks and other senior PBA officials.
