KARACHI – July 7, 2026: The Minister of State for Finance and Railways, Bilal Azhar Kayani, stated that the banking sector is playing a pivotal role in the sustainable development and economic stability of the country. Addressing the “Pakistan Banking Association (PBA) Summit 2026” in Karachi, the Minister emphasized that a resilient and robust banking ecosystem forms the bedrock of sustainable economic growth and is essential for driving domestic and foreign investments. Appreciating the role of the private sector and banks, he underscored that policies formulated in consultation with stakeholders, keeping ground realities in mind, prove to be the most effective. He highlighted that Prime Minister Shehbaz Sharif has made digitalization a national economic priority, and the government is actively striving to establish a transparent, modern, and strong financial framework in the country.
Minister of State Bilal Azhar Kayani laid significant emphasis on the fact that providing easy financial facilities to the private sector remains a top economic priority of the government. He shared that the recent structural reforms within the financial sector will not only stimulate business activities but will also provide immense strength to macroeconomic stability. To ensure a favorable investment environment, the financial sector is continuously being modernized and aligned with contemporary standards. He added that the increasing integration of modern technology in banking services is rapidly expanding public convenience, and the government remains firmly committed to ensuring swift implementation of all necessary measures to foster a thriving nationwide digital economy.
The Minister of State also highlighted the major digital reforms introduced in the Benazir Income Support Program (BISP), sharing that the program’s budget has crossed 800 billion rupees this year, directly benefiting over 10 million families. He noted that unlike the past, where beneficiaries had to rely on agents and codes to receive aid—often resulting in administrative deductions—the government has now introduced digital wallets for every deserving woman, functioning exactly like a standard bank account. This initiative empowers beneficiaries to either withdraw cash at their convenience or use the account directly for utility bill payments and other transactions. Citing the example of this year’s successful Prime Minister’s Ramadan Package, he stated that digital mechanisms successfully eliminated long queues at utility stores and flour distribution points, marking a milestone in the journey toward a cashless economy. The Minister of State expressed confidence that with the cooperation of all stakeholders and relevant institutions, new benchmarks will be achieved, steering the country toward a completely cashless economy.
