KARACHI, Jan 19: The State Bank of Pakistan has restructured and renamed the National Credit Consultative Council (NCCC) as Private Sector Credit Advisory Council (PSCAC).

“This has been done with a view to make the role of the new body more effective and meaningful, consistent with the forces of free market economy,” the SBP announced here on Friday.

Governor, State Bank of Pakistan, Dr Shamshad Akhtar, will be the chairperson of the PSCAC, while its members will include representatives from banks, private sector chambers/ associations or trade bodies and concerned government ministries or institutions.

Adviser, Development Finance (SBP) will serve as the secretary of the PSCAC.

The main objective of the PSCAC will be to suggest ways and means to widen the private sector's access to credit with a view to promoting economic development in Pakistan.

The PSCAC will also review the developments related to credit availability to private sector and suggest workable proposals to promote sectoral finance on a sustainable basis.

The PSCAC will not only identify impediments in credit availability and disbursement for various purposes, including project finance, working capital finance, infrastructure and housing finance, consumer finance, SME finance, microfinance, trade finance, Islamic finance and other sectors, but will also review the proposals of the ACAC, relating to agricultural credit.

The PSCAC will meet in April and October every year as the private sector credit cycle usually begins in September-October and ends in March-April.

The representatives of private sector and banks may be invited to PSCAC meetings for presentations on issues relating to availability of credit and credit disbursement respectively.

The NCCC was constituted in September 1972 with the mandate to draw up an annual credit plan and to ensure optimal utilisation of bank credit through the process of directed credit to various sectors of the economy.—APP