Small and medium-sized enterprises (SMEs) play a crucial role for job creation, and economic growth around the world. Considering this important role and based on the increased awareness on the part of the Government of Pakistan to ensure that viable SMEs in the country have access to the credit in order to expand and achieve aforementioned goals, a full-fledged secured transactions reform is under implementation. The reform focuses on the creation of an appropriate legal framework for secured transactions and the development of an electronic centralized collateral registry for security interests in movable property which will greatly increase private sector access to credit, particularly SMEs, and enhance the financial sustainability of the financial sector in Pakistan. A capacity building and training plan on the reforms undertaken directed to the main group of public and private stakeholders is also envisaged.
Significant milestone to the reform by enacted the Secured Transactions Law in 2016 has been achieved and further amendments are in the process of enactment to enhance the legal framework. The law is the first Secured Transactions Law to be enacted in the region in conformity to key best practice principles.
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