QUETTA: In a landmark step towards economic self-reliance, the provincial government has decided to establish its own Bank of Balochistan, fulfilling a long-standing demand of the people and business community.

The decision was taken on Tuesday at a high-level meeting chaired by Chief Minister Mir Sarfraz Bugti and attended by provincial Finance Minister Mir Shoaib Nosherwani, Chief Secretary Shakeel Qadir Khan, Principal Secretary Babar Khan and banking sector expe­rts. It reviewed an initial feasibility report for the project and declared it viable.

The chief minister dire­cted the officials concer­ned to prepare a comprehensive and operational plan within one week. “The Bank of Balochistan will be a revolutionary step aimed at providing high-quality and accessible banking services to the business community, traders, industrialists, investors and common people,” Mr Bugti said.

He added that the initiative would not only boost economic activity but also generate employment opp­o­r­t­unities for the youth. “The Bank of Balochistan will prove to be a milestone in stabilising the provincial economy and will accelerate development projects by utilising local resources,” he said.

Mr Bugti assured the public that they would soon receive good news regarding the project, saying the bank would initially meet provincial needs but could also play a role at the national level in future.

Banking experts, who joined the meeting via video link, stressed the importance of the decision, saying the establishment of a provincial bank would make financial resources available for development projects.

The idea of setting up the Bank of Balochistan was first announced in the provincial budget for fiscal year 2007-08 by then finance minister Syed Ehsan Shah during the coalition government of Nawab Aslam Khan Raisani. In the 2017-18 budget, then finance minister Mir Zahoor Ahmed Buledi allocated Rs10 billion for the project, but it did not materialise for unspecified reasons.

Published in Dawn, August 27th, 2025