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Business & Finance

Pakistan offers ‘unlimited’ export potential, says Dr Baqir

  • SBP governor cites example of Service Long March Tyres that used central bank's TERF to enhance value
Published March 28, 2022
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State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Monday said that Pakistan’s export potential is ‘unlimited’, a remark that comes as the central bank strives to promote price stability, financial stability and growth in Pakistan.

Addressing an inauguration ceremony of Service Long March's (SLM) radial bus and truck tyre plant in Karachi, Baqir said he was delighted the company "benefitted from the central bank’s Temporary Economic Refinance Facility (TERF) scheme announced during the Covid pandemic.”

Despite Covid, Pakistan’s economic fundamentals remained stable, says Baqir

The SBP had launched TERF back in March 2020 in order to support sustainable economic growth, following businesses being worried about their orders getting cancelled and concerns of recession in the country.

The facility provides concessionary refinance for setting up new industrial units. Refinance under the facility is available through banks and Development Financial Institutions to all sectors.

Creating viable finance mechanisms: Baqir underscores need for reaching out to unserved areas of Balochistan, KP

Baqir used SLM as a success case for TERF. He said that the company availed $50 million in financing to meet its capital needs and is now expecting to reach annual exports of $300 million. “This is money well spent if giving a certain amount produces a multiple of annual exports for the country,” said Baqir.

The SBP chief, while calling for diversification, said that 60% of the total amount approved in TERF is for the non-textile sector.

Baqir said that apart from financing export-based industries, TERF has also facilitated import-substitution industries. “It is equally helpful for the central bank to promote import substitution because at the end of the day, a dollar exported or a dollar saved helps us in the balance of payments."

He said that to date Rs435 billion has been approved under TERF financing, out of which Rs312 billion had already been disbursed.

Low-cost housing scheme loans: Baqir urges employers to cash in on opportunity to benefit their employees

Baqir said that the TERF scheme also benefitted middle-market players, as 50% of the beneficiaries of TERF had a loan size of Rs200 million or less, while 70% of the beneficiaries had a loan size of Rs500 million or less.

“Not only our leading industrial groups of the country benefitted from this scheme, but also the bulk of it is going to the middle-market,” he said.

Comments

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Farhan sheikh Mar 29, 2022 02:58am
Thanks my all helping people my have received this message is ready-made garment factory's..
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samir sardana Mar 29, 2022 05:56am
In 2022, It is the year if opportunity for Pakistan agri exports - with the UKR war The UKR agri sowing is destroyed and millions of acres are flooded Russia will have food shortages,and will not export The only constraint is fertiliser and gas linkages BUT THAT IS A CONSTRAINT FOR ALL AGRI EXPORTERS - ALL LACK GAS AND FERTILISER PAKISTAN IS IDEALLY PLACED TO MAXIMSE THE AGRI PRODUCTION,AND IS THE CLOSEST TO THE HIGH CONSUMPTION VALUE MARKETS,WHICH PAY THE HIGHEST REALISATIONS. IT IS A SELLERS MARKET AND BUYERS WILL PAY ADVANCES,AND ISSUE RED AND GREEN CLAUSE LCs - OBVIATING THE NEED FOR WORKING CAPITAL,AND ITS FUNDING FROM SBP.dindooohindoo
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