ISLAMABAD: Pakistan’s Federal Minister for Finance and Revenue Muhammad Aurangzeb has launched a high-level oversight mechanism to fast-track implementation of the Prime Minister's Access to Finance Plan 2026-28, with a strong focus on expanding affordable financing for small and medium-sized enterprises (SMEs), agriculture, information technology, exports, renewable energy, and housing.

According to a statement from the Ministry of Finance in Islamabad on Monday, the finance minister, chairing the inaugural meeting of the Access to Finance Steering Committee, said the body would serve as the central platform for strategic oversight, policy coordination, and progress monitoring to ensure timely implementation of reforms and to resolve policy and operational bottlenecks.

Three-tier governance framework approved

The committee reviewed a proposed three-tier governance structure designed to strengthen accountability and execution. The framework includes monthly progress updates to the prime minister, fortnightly strategic oversight meetings of the steering committee chaired by the finance minister, and weekly meetings of dedicated sectoral subcommittees.

Members also discussed a reporting framework featuring Resolution Target Dates (RTDs), a structured escalation mechanism, periodic performance reporting, and the development of a progress monitoring dashboard to track implementation across all workstreams.

Focus on priority sectors

The meeting reviewed a comprehensive implementation roadmap outlining governance arrangements, targeted outcomes, and key workstreams aimed at expanding access to finance, improving financial inclusion, and increasing the availability of affordable credit for priority sectors.

Participants also received updates from the SME finance sub-committee on reforms intended to boost lending to businesses.

Progress reviewed on flagship financing programs

The Steering Committee assessed progress on several flagship government financing initiatives, including Zarkhez-e (Asaan Zarai Qarza) for agricultural financing, Apna Ghar Scheme to expand affordable housing finance, and Pakistan Accelerated Vehicle Electrification (PAVE) initiative to promote affordable electric bikes and e-rickshaws.

SME finance reforms gain momentum

The committee also discussed national targets for expanding SME financing, including increasing outstanding SME loans, raising the share of SME credit within the banking sector, and significantly expanding the number of active SME borrowers through a results-based monitoring framework.

Articles tagged with "Ministry of finance"

Finance minister launches high-level oversight to accelerate Pakistan's Access to Finance Plan

Finance minister launches high-level oversight to accelerate Pakistan's Access to Finance Plan