PM scraps 80pc export condition for SME long-term loans
Banks are told they cannot deviate from the subsidised scheme, as the meeting hears more than 10,000 loan applications have arrived on a State Bank portal since November 1.
Prime Minister Shehbaz Sharif on Thursday ordered the removal of the 80 per cent export requirement for small and medium-sized enterprises seeking long-term financing, and directed that no bank be allowed to depart from the subsidised financing scheme for SMEs and exporters.
He issued the instructions while chairing a meeting in Islamabad on facilities for export-oriented SMEs, Business Recorder reported.
The meeting was told that Rs300 billion has been allocated under the Export Finance Scheme for SMEs and new exporters, and that Rs350 billion has been set aside this year for the long-term financing facility.
Pakistan has about 17,000 SMEs involved in exports. Officials said more than 10,000 applications had been received since the State Bank of Pakistan opened a portal on November 1 to improve access to loans for the sector.
Sharif directed the authorities to raise accreditation standards, expand laboratory facilities and simplify regulatory procedures for exporters. He also ordered the setting up of modern laboratories so that testing and accreditation are available closer to exporters' workplaces.
The meeting reviewed recent consultations with SME representatives, who listed taxation, refunds, provincial levies, accreditation, logistics, payments and access to finance among their main difficulties. The prime minister assured the government would provide all possible assistance to strengthen the sector, and called for support to help firms expand, raise productivity and develop workforce skills.
The meeting was also told of measures being taken to increase Pakistani exports to African countries.
No notification or date for withdrawing the export condition was announced at the meeting.
Deputy Prime Minister and Foreign Minister Ishaq Dar attended, along with federal ministers Rana Tanveer Hussain, Ahsan Iqbal, Jam Kamal, Musadik Malik, Ahad Cheema, Muhammad Aurangzeb, Attaullah Tarar, Ali Pervaiz Malik and Awais Leghari. The prime minister's adviser on industries and production, Haroon Akhtar, Minister of State for Finance Bilal Kayani and State Bank Governor Jameel Ahmad were also present.
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