Govt committed to take all measures for economic growth, investment promotion: PM

ISLAMABAD: Prime Minister Imran Khan on Thursday said that the present government was committed to take all possible steps for economic growth and promotion of investment.

The promotion of Small and Medium Enterprises (SMEs) would boost economic activity and wealth creation which besides improving economy and creating more employment opportunities for youth would also help retire the country’s debt, he added.

The prime minister expressed these views while presiding over a review meeting held here regarding economic stabilization and development as well as progress on the promotion of priority sectors.

He said the country - burdened with debt due to the loans taken by the previous governments, could only be retrieved from the trap through enhanced production.

The government in that respect was committed to prove all possible facilitation to the business community and investors, he added.

The prime minister directed to remove all hurdles in the way of business activities through timelines-based targets and he should continuously be kept informed in that regard.

The meeting was attended by Minister for Industries Hammad Azhar, Advisor on Commerce Abdul Razak Dawood, Special Assistant Dr. Waqar Masood, Chairman Board of Investment (BOI) Atif Bukhari, Governor State Bank Raza Baqir, Federal Secretaries and other senior officers.

The prime minister was presented a report on the progress regarding the provision of facilities to SMEs.

Governor State Bank told the meeting that for the first time in country’s history, the SMEs were being provided business loans by the banks without any collateral.

He further told the meeting that collateral-free lending would significantly help promote SMEs in the country.

For the first time an effective partnership of the Government, State Bank and Commercial Banks in that respect was being established, he added.

Raza Baqir told the meeting that under the scheme [of loans], the State Bank would provide around 50% of risk loss guarantee. In that respect, the banks were demonstrating much interest and enthusiasm, he added.