PM Shehbaz greets export insurance support for SMEs

Prime Minister Muhammad Shehbaz Sharif chaired a meeting on Export Development Fund (EDF) and appreciated the export insurance coverage offered by the EDF and Export-Import Bank of Pakistan (EXIM Bank, especially for Small and Medium Enterprises (SMEs.

“The Rs3 billion risk pool will enhance the access to export credit insurance, particularly for SMEs and help the business community to enhance its export volume,” stated the prime minister.

He said the idea was a very positive step toward promotion of SMEs in the country, he added. He also thanked the EDF team for beginning changes to enhance the national economy.

He stated that after restructuring and reforms EDF has been put under the direction of private sector specialists and all the monies available with the EDF were being utilized to benefit the business community.

The actions, he said, showed the government’s determination to develop the national economy and boost exports. He was confident that such steps will help turn Pakistan into a global investment destination and take the country toward an export-oriented economy.

During the discussion, the EDF briefed the prime minister on the restructuring and changes it undertook. Officials claimed all of the Rs24 billion available with the EDF had been targeted for investment to facilitate the business community and no more spending was planned on infrastructure.

It was also stated that the EDF was implementing steps in research, skills development and boosting competitiveness to support economic growth and enable enterprises.

Officials briefed the meeting on efforts being made to ensure extension of Pakistan’s GSP Plus preferential trade status to keep access to European markets.

The meeting was attended by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Federal Ministers Muhammad Aurangzeb, Rana Tanveer Hussain, Jam Kamal Khan and Ahsan Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, Prime Minister’s Adviser Haroon Akhtar, EDF Board Chairman Umar Saeed and senior officials of relevant institutions.