ISLAMABAD (special crosspondent) – Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Monday chaired the inaugural meeting of the Access to Finance Steering Committee, directing all stakeholders to expedite the implementation of the Prime Minister’s Access to Finance Plan 2026–2028. The initiative is designed to broaden the availability of affordable credit across pivotal sectors of the national economy.

The committee, established to provide strategic oversight for the Prime Minister’s broader Access to Finance Plan, evaluated several measures intended to expand affordable financing options for small and medium enterprises (SMEs), agriculture, information technology (IT), exports, renewable energy, and housing, according to an official statement.

During the session, members were presented with a detailed overview of the proposed governance framework, targeted outcomes, and operational workstreams aimed at enhancing financial inclusion. The committee also assessed the performance of the SME Finance Sub-Committee and reviewed the status of key government initiatives, including the Zarkhez-e (Asaan Zarai Qarza) program, the Apna Ghar Scheme, and the Pakistan Accelerated Vehicle Electrification (PAVE) initiative, which focuses on providing affordable e-bikes and e-rickshaws to the public.

Governance and Accountability Frameworks

The steering committee deliberated on a three-tier governance structure, which proposes monthly progress updates for the Prime Minister, fortnightly oversight meetings led by the Finance Minister, and weekly sector-specific sub-committee sessions. To ensure transparency, the group reviewed a reporting framework based on Resolution Target Dates (RTDs) and a robust escalation mechanism designed to hold institutions accountable for their progress. Senator Aurangzeb placed specific emphasis on the development of an effective progress-monitoring dashboard.

Addressing the participants, Senator Aurangzeb remarked that the Steering Committee acts as the primary platform for strategic policy coordination. He noted that the body is intended to facilitate timely decision-making, resolve cross-cutting challenges, and improve collaboration between financial regulators, private banks, and implementing agencies. The Minister reiterated that the committee’s objective remains the delivery of measurable results through an agile mechanism that addresses operational bottlenecks.

Focus on SME Development and Digital Reform

In addition to reviewing existing programs, the committee discussed national targets for SME financing, which include increasing the total volume of outstanding SME credit and expanding the number of active SME borrowers in the banking sector. Several structural reforms were highlighted, including the development of an Open Banking Framework, an SME Digital Portal, and improved integration with credit bureaus to better facilitate financing across various value chains.

The meeting underscored that the success of the Access to Finance Plan relies heavily on disciplined implementation and data-driven performance indicators. The session was attended by Finance Secretary Imdadullah Bosal, the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and representatives from the Pakistan Banks’ Association (PBA) and Karandaaz Pakistan.