SBP to facilitate SMEs on a priority basis: deputy governor

KARACHI: The Deputy Governor of the State Bank of Pakistan, Sima Kamil, has assured traders that the sector of small and medium enterprises (SMEs) would be facilitated on a priority basis. At a meeting of the Korangi Association of Trade and Industry (KATI), more relaxation in policies for exporters and direct coordination between the SBP and the business community were also discussed. Formation of a combined committee for the SMEs was also agreed upon.

The SBP deputy governor informed the meeting that the SBP had provided Rs1.3 trillion for loan and finance packages and medical facilities. She said that Roshan Pakistan and other schemes had been introduced for easy transfer of remittances and investment opportunities. She also said that the industries could also derive benefit from the Temporary Economic Refinance Fund (TERF) which was a very beneficial incentive for the industry.

Sima Kamil also urged women entrepreneurs to avail opportunities offered by the SBP schemes. Patron-in-Chief S. M. Muneer said that remittances had increased historically and exports had been doing well, and the prime minister should be praised for his efforts in this regard.

He said that the process of payment of exporters' dues should be reformed. He said that some sections of society made an attempt to malign the security institution which was not acceptable.

"We stand firm with the Armed Forces of our country as they are the protector of this country," he said.

KATI president Saleem-uz-Zaman said that the SBP had provided great relief to the exporters and industries during the tough times. KITE CEO Zubair Chhaya said that though many schemes for the business community had been introduced by the SBP, yet there was a need to spread the word to the relevant sectors in an effective manner.

He said that the industrial associations could play a role in spreading awareness about such schemes. Tariq Malik applauded the SBP for reducing the interest rate by 625 bases points. Masood Naqi said that financial regulations for exporters and industry should be seen through the paradigm of economic prosperity and growth.

Senior officials from the SBP also answered questions of industrialists on this occasion. Senior Vice President Zaki Sharif, Vice President Nighat Awan and former presidents Ehtisham Uddin and Johar Qandhari also addressed the meeting.

Copyright Business Recorder, 2020