Prime Minister Shehbaz Sharif on Monday directed the finance ministry, the State Bank of Pakistan (SBP) and banks to speed up lending to small and medium enterprises (SMEs), farmers and applicants under the Apna Ghar housing scheme, saying growth and jobs through these sectors are a top priority. He said banks slow in lending to these priority borrowers should receive no concessions, while banks performing well deserve credit.
The meeting was told that Rs511 billion in Apna Ghar loans had been approved by October 23, covering 86,899 applicants, of which Rs91 billion had been disbursed to 15,584 borrowers. Total housing finance stood at Rs455 billion for 187,317 borrowers. Agricultural lending had reached Rs1,329 billion, benefiting about 3.5 million people, while SME financing stood at Rs1,148 billion across 342,458 entrepreneurs.
The government has set a target of Rs1,500 billion each for agriculture and SME lending by the end of financial year 2027. The SBP has launched an SME Connect portal so businesses can apply for loans and track applications, and it will work with the Federal Board of Revenue to resolve tax issues facing SMEs and exporters.
Sources: Dawn, The Express Tribune. Written in our own words for information only.