ISLAMABAD:
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Monday reiterated the government’s commitment to supporting initiatives that foster inclusive growth, sustainable development and community well-being, while empowering the private sector to generate significant social impact.

The minister chaired a meeting of the Prime Minister’s Committee on Social Impact Financing, which brought together various stakeholders from the public and private sectors, according to a press release issued by the Ministry of Finance.

Participants included Minister of State for Finance and Revenue Ali Parvez Malik, Governor of the State Bank of Pakistan, Chairman SECP, President of the Association of Pakistan Banks, Managing Director of Pakistan Bait-ul-Mal and Managing Director of the State Life Insurance Corporation, among others.

The session focused on promoting innovative financial solutions to drive social impact, enhance financial inclusion and help marginalized communities in Pakistan.

Aurangzeb highlighted the government’s role in establishing a robust policy and regulatory framework for social impact financing, leaving the implementation to the private sector.

“The private sector has already been doing outstanding work in this area, and we need to focus on creating an enabling environment rather than setting up yet another government institution. This aligns with the government’s right-sizing objectives,” Aurangzeb said.

He also highlighted the importance of transitioning from traditional charity models to broader impact financing.

“Transparency of philanthropy towards end beneficiaries is essential. Digital solutions must be integrated to ensure efficient systems, while accountability and impact assessment will build trust and credibility among stakeholders,” he added. The discussions focused on several key priorities, including developing a regulatory and policy framework to connect philanthropic contributions, such as Sadaqaat and Zakat, with underserved segments of society. Participants explored mobilizing philanthropic capital to achieve sustainable social outcomes, address legal challenges, and create an enabling environment.