Providing Employment to the Youth Remains the Government’s Top Priority, Emphasizes Prime Minister Shehbaz Sharif; Directs Strict Accountability for Banks Delaying Priority Sector Loans
ISLAMABAD: The empowerment of the youth and creation of employment opportunities are the top priority of the government, which was reiterated by Prime Minister Muhammad Shehbaz Sharif during a high level review meeting convened by him on credit facilitation to priority sectors.
In the meeting, the PM gave very strict instructions to the State Bank of Pakistan (SBP) and Ministry of Finance to not show any indulgence or relaxation for commercial banks that are showing sluggishness and delays in releasing loans to businesses and consumers.
PM Shehbaz Sharif’s High-Level Review Meeting: Key Highlights
Zero Tolerance for Sluggish Lenders: Prime Minister Shehbaz Sharif said that the active participation of the banking sector is a key factor for the growth of the private sector and emphasized that all commercial banks should be held accountable if they are not delivering credit in the required pace and quantity for priority sectors.
A focus on key economic drivers, the Prime Minister said the ‘Apna Ghar’ housing scheme will mark a significant contribution towards building and its related manufacturing sector. He restated that the small and medium enterprises (SMEs) have tremendous potential to drive national economic development.
Agricultural Sector Backbone of the National Economy: while pointing out that agriculture is the backbone of the national economy, the premier announced the government’s efforts to improve the value addition in agriculture to substantially boost agricultural exports and support the foreign exchange reserves of the country.