Lahore (Web Desk): Prime Minister Shehbaz Sharif on Saturday expressed his appreciation for the export insurance facility being introduced by the Export Development Fund (EDF) in collaboration with the Export-Import Bank of Pakistan (EXIM Bank), with a particular focus on supporting small and medium-sized enterprises (SMEs).
He said the initiative would provide businesses with greater confidence to expand their overseas sales and contribute to increasing Pakistan’s exports.
The prime minister made these remarks while chairing a meeting to review matters concerning the Export Development Fund.
He said the Rs3 billion Risk Pool would make export credit insurance more readily available to businesses, especially smaller enterprises, enabling them to pursue new opportunities in international markets and raise their export volumes.
PM Shehbaz described the move as a positive development for the country’s small and medium-sized business sector.
He also commended the EDF team for introducing institutional changes and reforms designed to contribute to the strengthening of Pakistan’s economy.
PM Shehbaz said the EDF had undergone restructuring, after which its leadership was handed over to professionals with private-sector expertise.
The prime minister maintained that the resources held by the fund were now being channelled towards initiatives intended to provide practical support to the business community.
PM Shehbaz said that the steps being taken by the government demonstrated its determination to strengthen economic activity and expand Pakistan’s presence in international trade.
He said such initiatives could help transform the country into a major destination for global investment.
The premier added that the government was pursuing these efforts as part of its broader objective of establishing an economy that relies on exports for sustainable growth.
The meeting was also given a detailed presentation on the restructuring and reform process undertaken by the Export Development Fund.
Officials told the participants that the full Rs24 billion currently available with the EDF had been earmarked for investment aimed at facilitating businesses and supporting the private sector.
The briefing further revealed that the fund would not allocate any additional resources to infrastructure projects.
Instead, its activities would concentrate on areas such as research, workforce skills and improving the competitiveness of Pakistani businesses, with the broader aim of supporting economic development and making it easier for companies to grow.
Officials also briefed the meeting on efforts to secure the continuation of Pakistan’s preferential trade arrangements under the GSP Plus framework.
The measures are intended to help preserve Pakistan’s access to the European market.
Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar attended the meeting along with 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 from the concerned institutions were also present.