ISLAMABAD: Prime Minister Shehbaz Sharif directed the finance ministry on Monday to address financing constraints faced by small and medium enterprises (SMEs) and the housing sector, saying economic growth and employment generation through these sectors were among the government’s top priorities.
Chairing a meeting on credit facilities for priority sectors, he urged the State Bank of Pakistan (SBP) and the Ministry of Finance not to extend concessions to banks lagging in lending to farmers, SMEs and beneficiaries of the Apna Ghar scheme.
He commended banks facilitating credit to these sectors and directed the SBP and the Federal Board of Revenue to jointly resolve tax-related issues faced by SMEs and exporters. He also called for a comprehensive risk coverage strategy to facilitate lending to small businesses.
The prime minister said SMEshad considerable potential to boost economic growth, exports and employment, while value addition in agricultural commodities could help increase exports.
The Apna Ghar scheme, he added, would also stimulate industries linked to housing and construction.
The meeting was informed that the SBP was working on regulatory improvements, risk and cost-sharing between the government and banks, and digital facilities to expand lending to priority sectors.
It has also launched the SME Connect portal to enable businesses to apply for loans and track their applications.
According to the briefing, Rs511 billion in loans had been approved under the Apna Ghar programme as of Oct 23, covering 86,899 applicants. An amount of Rs91bn had been disbursed to 15,584 borrowers.
The total housing finance had reached Rs455bn, benefiting 187,317 borrowers. Agricultural lending stood at Rs1,329bn, benefiting around 3.5 million people, while SME financing reached Rs1,148bn, covering 342,458 entrepreneurs.
Targets have been set to increase lending to both agriculture and SMEs to Rs1,500bn by the end of financial year 2027.
Jinnah Medical Complex In a separate meeting, theprime minister expresse d satisfaction over construction progress at the Jinnah Medical Complex and directed that project targets be met within the stipulated timeframe. He also ordered that all appointments be made transparently and strictly on merit.
He said the facility would provide advanced healthcare to patients from Islamabad and other parts of the country, particularly Khyber Pakhtunkhwa, Azad Jammu and Kashmir and GilgitBaltistan.
He also stressed engaging a private-sector organisation to manage the hospital and ensure qualityhealthcare services.
The meeting was informed that work on the first phase of the Jinnah Medical Research Centre had reached 59 per cent, with the structural work on the main hospital and parking plaza completed.
The 403-bed hospital is scheduled to become operational by March 23, 2027. Installation of medical equipment, development of its digital management system and other administrative arrangements are under way.
Meanwhile, national competitive bidding for Phase-II of the project in Sector H-11 has begun under a revised design, with construction expected to start shortly.
Procurement of modern diagnostic equipment and scanners is also in progress.