Managing Director, Pakistan Mercantile Exchange (PMEX), Ejaz Ali Shah, has highly appreciated the mechanism announced in the Federal Budget for establishment of quality warehouses for the development of 'Warehouse Receipt Financing' system in Pakistan.
While commenting on the budget, he said that the step was indeed a revolutionary and timely initiative to facilitate agri-financing and physical commodity trading through Warehouse Receipt System. The initiative will not only open doors for all financial institutions to offer new and innovative products in agri-financing, but will also address the food security issue by tremendously reducing the wastage.
"PMEX is very keen to work in close co-ordination with SBP and is fully committed to play its due role in this regard." Praising the initiative, he also said they firmly believed that the development of commodity physical trade and market system was essential for improving the performance of Agri-sector in particular and economy in general.