PM Shehbaz Sharif welcomes export insurance cover for SMEs; EDF sets aside Rs24bn

Prime Minister Shehbaz Sharif welcomed the export insurance cover being provided by the Export Development Fund (EDF) and the EXIM Bank of Pakistan, particularly for small and medium-sized enterprises (SMEs).

He said the Rs3 billion risk pool widened access to export credit insurance, particularly for SMEs. He said the decision would help the business community increase the volume of exports.

Mr Shehbaz Sharif said this was a most welcome step for the promotion of SMEs in the country. He said the EDF team deserved praise for its reforms to strengthen the national economy.

The prime minister said that, after the restructuring and reforms, the leadership of the EDF had been handed over to private sector experts. He said all the capital held by the EDF was being used for the benefit of the business community.

He said these steps reflected the Government of Pakistan’s resolve to promote the national economy and increase exports. He said Pakistan would become a hub of investment worldwide through these measures. He said all the steps were being taken to fulfil the commitment to promote an export-led economy.

The prime minister was briefed on the restructuring and reforms of the EDF at the meeting. The briefing said that the Rs24 billion held by the EDF had been set aside entirely for investment for the benefit of the business community. No further expenditure would be made on infrastructure.

The briefing said the EDF was taking steps in research, skills development and greater competitiveness for the growth of the national economy and the benefit of the business community.

The meeting was told that steps were also being taken to extend the Generalised Scheme of Preferences Plus (GSP Plus) status, the special preferential trade regime that gives Pakistan access to the European market.

Those present at the meeting included Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, federal ministers Muhammad Aurangzeb, Rana Tanveer Hussain, Jam Kamal Khan and Ahad Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, Adviser to the Prime Minister Haroon Akhtar, EDF Board Chairman Omar Saeed and senior officials of the departments concerned.