Pakistan launches Access to Finance Steering Committee for affordable financing

Pakistan's finance minister, Senator Muhammad Aurangzeb, chaired the first meeting of the newly formed Access to Finance Steering Committee, tasked with overseeing the government's Access to Finance Plan 2026-2028.

The plan aims to expand affordable financing for SMEs, agriculture, IT, exports, renewable energy and housing, according to a Finance Division statement.

What is the Access to Finance Steering Committee?

The Access to Finance Steering Committee is a new government body created to provide strategic oversight for Pakistan's Access to Finance Plan 2026-2028. Led by Finance Minister Muhammad Aurangzeb, it coordinates policy across regulators, banks and implementing agencies to expand affordable credit for priority economic sectors.

What did the committee review at its first meeting?

Members reviewed a presentation on a proposed governance structure, targeted outcomes and implementation workstreams. The goal is to expand access to finance, strengthen financial inclusion and improve affordable credit availability for priority sectors. Officials also received updates on the SME Finance Sub-Committee's progress.

The committee also tracked progress on government-backed financing programs, including Zarkhez-e, known as Asaan Zarai Qarza, the Apna Ghar Scheme and the Pakistan Accelerated Vehicle Electrification, or PAVE, initiative. PAVE is designed to support a shift toward affordable electric bikes and electric rickshaws, the statement said.

How will the committee's governance framework work?

The meeting outlined a proposed three-tier governance framework for the Access to Finance Plan. It includes monthly updates to the prime minister, fortnightly strategic oversight by the steering committee and weekly meetings of sector-specific subcommittees. Participants also reviewed a reporting framework built around Resolution Target Dates, an escalation mechanism and periodic progress reports intended to strengthen accountability.

Aurangzeb emphasized the importance of a progress-monitoring dashboard, according to the statement. He described the steering committee as the central platform for strategic oversight, policy coordination and progress monitoring. The minister said it would help facilitate decision-making and collaboration among regulators, financial institutions and implementing agencies.

What progress has been made on SME and housing finance programs?

The committee also reviewed updates on application, approval and disbursement trends under Zarkhez-e. Participants examined application volumes, approvals, disbursements and operational challenges linked to the Apna Ghar Scheme and the PAVE initiative. Discussions covered national targets for SME finance, including boosting outstanding SME financing and expanding SME credit's share in the banking sector.

Officials aim to increase the number of active SME borrowers through a results-oriented monitoring framework. Committee members were briefed on reform measures including SME credit scoring and an open banking framework. Other reforms include an SME digital portal, integration with credit bureaus and efforts to strengthen financing across key value chains.

What did the finance minister say about the plan's success?

Aurangzeb said the Access to Finance Plan's success would depend on disciplined implementation, accountability and coordination among institutions. He said the steering committee would help maintain reform momentum and address implementation challenges. The minister added that the committee would advance the plan's broader objectives across all priority sectors.

Who attended the steering committee meeting?

The meeting was attended by Finance Secretary Imdadullah Bosal, the governor of the State Bank of Pakistan and the chairman of the Securities and Exchange Commission of Pakistan. The chairman of the Pakistan Banks' Association and the chief executive officer of Karandaaz Pakistan also took part. Senior officials from other relevant government and regulatory bodies attended as well.