Access to Finance panel adopts three-tier framework, orders faster rollout of PM's credit plan

The Access to Finance Steering Committee, chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, adopted a three-tier governance framework at its maiden meeting on Monday and directed stakeholders to accelerate implementation of the Prime Minister's Access to Finance Plan 2026-2028, aimed at improving affordable credit for SMEs, agriculture, IT, exports, renewable energy and housing.

Under the new framework, the Prime Minister will receive monthly progress updates, the finance minister-led Steering Committee will hold fortnightly strategic oversight meetings, and sector-specific sub-committees will meet weekly. 

A reporting system built around Resolution Target Dates, an escalation mechanism, and periodic reporting will track progress, and Aurangzeb called for an effective monitoring dashboard to support the process.

The committee, formed to provide strategic oversight of the plan, received a presentation on its proposed governance structure, targeted outcomes and implementation workstreams, according to a news release. 

Members were briefed on progress by the SME Finance Sub-Committee and reviewed the status of key financing schemes, including Zarkhez-e (Asaan Zarai Qarza), the Apna Ghar Scheme, and the Pakistan Accelerated Vehicle Electrification (PAVE) initiative for electric bikes and e-rickshaws.

Aurangzeb said the Steering Committee would serve as the central platform for policy coordination and progress monitoring, enabling faster decision-making and closer collaboration between regulators, financial institutions and implementing agencies. He said the panel must stay focused on measurable outcomes while resolving policy and operational bottlenecks.

On the Zarkhez-e scheme, the meeting reviewed application processing, approvals and disbursements by participating banks. Members were also updated on application volumes, approvals and disbursements under the Apna Ghar Scheme and PAVE initiative, along with operational issues requiring continued engagement with participating institutions.

The committee discussed national SME financing targets, including raising outstanding SME credit, expanding SME lending's share within the banking sector, and increasing the number of active SME borrowers through a results-based monitoring framework. It was also briefed on reforms underway, including SME credit scoring, an Open Banking Framework, an SME Digital Portal, integration with credit bureaus, and steps to strengthen financing across key value chains.

Aurangzeb said the plan's success would depend on disciplined implementation, clear accountability, and sustained coordination between institutions. He stressed adherence to timelines, stronger inter-agency collaboration, and data-driven performance monitoring, adding that the Steering Committee would be key to sustaining reform momentum and removing implementation bottlenecks.

The meeting 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), the Chairman of the Pakistan Banks' Association (PBA), the Chief Executive Officer of Karandaaz Pakistan, and senior officials from the Finance Division, SBP and SECP.