KARACHI: State Bank of Pakistan Governor Tariq Bajwa has expressed the hope that the SME finance policy, recently launched by the prime minister, will achieve its desired objectives.

Speaking at a meeting held at SBP, Sukkur, Mr Bajwa asked banks and business community to extend their cooperation to boost financing to the small and medium enterprises to achieve economic targets.

The meeting was attended by 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.

Highlighting the consultative process adopted while formulating the SME finance policy, which was unveiled recently by the prime minister, the SBP governor underscored the significance of its smooth implementation and successful execution.

He said that effective communication of this policy at grass-roots level will require a number of awareness sessions at different locations in Pakistan.

Mr Bajwa emphasised upon the importance of key priority sectors in economic development of the country.

He explained that agriculture, SME and low cost housing remain top priority sectors to SBP.

He said the recently launched policy comprises measures which will help boost SME financing.

These measures include improving regulatory framework, up scaling of microfinance banks, risk mitigation strategy, simplified procedures for SME financing, programme-based lending and value-chain financing, capacity building and awareness creation, handholding of SMEs, leveraging technology and simplification of taxation regime.

Published in Dawn, January 5th, 2018