Federal Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, recently visited the Pakistan Banks’ Association (PBA) for a key meeting with the Presidents and CEOs of major banks. The Chairman of the PBA, Mr. Zafar Masud, provided a detailed update on ongoing initiatives focused on enhancing the Agriculture, Small and Medium Enterprises (SMEs), and Digital & Technology sectors in Pakistan.
The discussions emphasized the banking sector’s dedication to advancing financial inclusion across the country. Minister Aurangzeb urged the banking industry to leverage their individual strengths and capacities to address priority areas. He called for a renewed focus on core banking activities, particularly advocating for increased lending to farmers and boosting cash-flow based financing. The Minister expressed confidence in the sector’s potential to stimulate economic growth.
On the topic of digital advancements, Minister Aurangzeb highlighted the importance of supporting software houses and freelancers. He noted that IT could be a significant driver of growth and encouraged banks to collaborate with the government to optimize the impact of the IT sector.
During the meeting, Mr. Zafar Masud, along with Steering Committee members including Senior Vice Chairman Yousaf Hussain, Vice Chairman Ahmed Bozai, and CEO/Secretary General Muneer Kamal, presented a comprehensive overview of progress in each sector. The proposals, developed in collaboration with the State Bank of Pakistan (SBP), aim to address sector-specific challenges and opportunities effectively.
Minister Aurangzeb praised the PBA’s Steering Committee and Task Forces for their in-depth analysis and constructive recommendations. He underscored the critical role of banks in fostering economic development and urged them to intensify their support for the identified priority sectors.
At the conclusion of the meeting, Zafar Masud, Chairman of the PBA, affirmed that the Association is committed to working with the Ministry of Finance and the SBP to implement the recommendations and enhance the banking sector’s role in Pakistan’s economic growth.
The meeting was also attended by Minister of State Ali Pervaiz Malik, Chairman of the Federal Board of Revenue (FBR) Amjed Zubair Tiwana, Director to the Minister of Finance Sheharyar Ahmad, and CEOs of leading banks, along with other senior PBA officials.