SMEs to get affordable credit facilities

The government has drawn up a plan to provide affordable credit facilities to small and medium-sized businesses, which are considered a vital part of the economy and provide a large number of job opportunities. The matter was taken up in a recent meeting of the cabinet while discussing the acceptance of resignation submitted by SME Bank Limited President and CEO Tahir Hassan Qureshi and the appointment of a new person at the helm. During the huddle, the role of small and medium enterprises (SMEs) in the development of Pakistan’s economy through the provision of affordable credit was deliberated in detail. Cabinet members considered the need for an alternative SME-focused financing structure on the pattern of other developing countries. It was explained that following instructions from the prime minister, the Finance Division had coordinated with various banks and a scheme had been prepared by the State Bank of Pakistan (SBP).