Pakistan, Jan. 14 -- Pakistan's small and medium enterprises (SMEs) are spoken of as engines of growth. They account for roughly 40 per cent of GDP and around 30 per cent of exports, with an estimated 5.2 million firms employing millions across sectors.

It was hence encouraging to see Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan claim that the government was working on responsive policies and targeted support measures for SME. However, if our chequered past has taught us anything, it is that such promises ring hollow when measured against what actually matters.

Although SMEs dominate the economic landscape, fewer than one in ten have access to formal bank financing. In June 2021, SME lending st...