Business Economy

Call For Ensuring Smooth Implementation Of SME Finance Policy

KARACHI, Jan 04 (APP): The Governor (SBP) , has urged and banks to ensure smooth implementation of SME finance policy. “I believe that with the active support of the business community and banking sector, SME finance policy recently launched by the will achieve its desired objectives”, he said while chairing a meeting held at SBP (BSC) Sukkur.

The meeting was attended by the presidents, vice presidents and general secretaries of chambers of commerce and trade associations of Sukkur, Ghotki, Shikarpur, Larkana, Kashmore, Qambar, Jacobabad and Naushahro Feroze. Regional heads of all commercial/Islamic and microfinance banks operating in these areas were also present, says an SBP statement.

Highlighting the consultative process adopted while formulating SME finance policy, the Governor underscored the significance of its smooth implementation and successful execution. He further said that effective communication of this policy at the grassroots level will require a number of awareness sessions at different locations in Pakistan.

He went on to add that SBP will conduct outreach programs to create awareness in collaboration with chambers regarding SME finance policy. Bajwa emphasized the importance of key priority sectors in the economic development of the country. He explained that Agriculture, SME and low-cost housing remain top priority sectors to SBP.

He elaborated the importance of SME sector and explained that recently launched policy for promotion of SME finance comprises of measures which will help in boosting SME financing. These measures include improving regulatory framework, upscaling of microfinance banks, risk mitigation strategy, simplified procedures for SME financing, program based lending & value chain financing, capacity building & awareness creation, handholding of SMEs, leveraging technology and simplification of taxation regime.

The representative from chambers and trade bodies appreciated the efforts of SBP and assured their full cooperation and effective implementation of this policy. Qasim Nawaz, Managing Director, SBP (BSC) and Syed Samar Hasnain, Executive Director along with senior SBP officials were also present on the occasion.

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