Rs3bn risk pool: PM says step to help boost export volume

LAHORE: Prime Minister Shehbaz Sharif on Saturday welcomed the provision of export insurance coverage by the Export Development Fund (EDF) and the Export-Import Bank of Pakistan (EXIM Bank), particularly for small and medium-sized enterprises (SMEs), saying the initiative would help increase the country’s exports.

Chairing a meeting on the Export Development Fund, he said the Rs3 billion Risk Pool would expand access to export credit insurance, especially for SMEs, and facilitate the business community in increasing the volume of exports.

He termed the initiative a highly welcome step for promotion of small and medium-sized businesses in the country and appreciated the EDF team for undertaking reforms aimed at strengthening the national economy.

PM Shehbaz Sharif said that following restructuring and reforms, the leadership of the EDF had been entrusted to private-sector professionals. He added that all funds available with the EDF were being utilised to facilitate the business community.

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“These measures reflect the Government of Pakistan’s commitment to promoting the national economy and increasing exports,” the PM said, adding that such initiatives would help Pakistan emerge as a global hub for investment.

He said the government’s measures were aimed at fulfilling its commitment to promoting an export-led economy.

During the meeting, the prime minister was briefed on the restructuring and reforms of the Export Development Fund. The briefing was informed that the entire Rs24 billion available with the EDF had been allocated for investment to facilitate the business community.

The meeting was further informed that no additional expenditure would be made on infrastructure, while the EDF was undertaking initiatives related to research, skills development and enhancing competitiveness to support economic growth and facilitate businesses. The briefing also noted that measures were being taken regarding the extension of Pakistan’s preferential trade arrangement under the GSP Plus status to maintain the country’s access to the European market.

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 Ahad 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.