PM is committed to easing access to finance for SMEs: Haroon Akhtar Khan

LAHORE -- A high-level consultative meeting held with Haroon Akhtar Khan, Special Assistant to Prime Minister on Industries and Production today explored practical measures for improving access to finance for micro, small, and medium enterprises (MSMEs).

The meeting was arranged by the Small and Medium Enterprises Development Authority (SMEDA). Over 70 SME-based chambers and industry associations from across Pakistan attended the meeting online.

Federal Secretary for Industries and Production Saif Anjum, Additional Secretary Humaira Zia Mufti, SMEDA General Manager  Hassanain Javed, and other senior officials were also present in the session hosted by SMEDA Chief Executive Officer Nadia Jahangir Seth.

Addressing the participants, Haroon Akhtar Khan said that Prime Minister Muhammad Shehbaz Sharif is firmly committed to making bank financing more accessible for SMEs. He informed the participants that, on the Prime Minister's instructions, a working group comprising representatives of the State Bank of Pakistan (SBP) has been constituted to review and simplify the SME lending process.

He further stated that the Ministry of Industries and Production, through SMEDA, is also conducting a comprehensive review of the key barriers preventing SMEs from obtaining bank financing. He revealed that the Prime Minister has sought a list of companies whose loan applications were recently rejected by banks.

The SAPM urged representatives of the participating trade bodies to submit, at the earliest, details of SMEs whose loan applications had been declined. He expressed confidence that, under the leadership of the Prime Minister and through the collaborative efforts of the State Bank of Pakistan, the Ministry of Industries and Production, and SMEDA, the process of obtaining bank financing for SMEs would soon become simpler, transparent, and more efficient.

Haroon Akhtar Khan further stated that the government would also obtain records of rejected loan applications from banks to analyse the reasons behind their rejection and take appropriate measures to address those issues.

Speaking on the occasion, SMEDA CEO Nadia Jahangir Seth informed the participants that SMEDA has established an SME Registration Portal through which all SMEs are being registered free of charge. She explained that the objective of this initiative is to enable SMEs to benefit from government support programmes, including improved access to finance and other public sector facilitation services.

During the meeting, representatives of more than 70 chambers of commerce and SME associations from Punjab, Sindh, Khyber Pakhtunkhwa, Balochistan, Azad Jammu & Kashmir, and Gilgit-Baltistan highlighted the challenges faced by SMEs in obtaining financing and presented a range of practical recommendations to overcome these obstacles.

Concluding the session, SMEDA CEO Nadia Jahangir Seth assured the participants that all recommendations received during the consultation would be consolidated and conveyed to the Prime Minister of Pakistan through the Special Assistant to the Prime Minister on Industries and Production, Haroon Akhtar Khan, for consideration.