By our correspondent
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved three export finance subsidy schemes on Monday in an effort to increase Pakistan’s exports, improve financial support for exporters and provide greater assistance to small and medium enterprises.
The ECC meeting was held in Islamabad with Finance Minister Senator Muhammad Aurangzeb in the chair. The committee reviewed a number of economic proposals and approved a package of measures aimed at strengthening the country’s export sector and improving access to affordable financing for businesses.
Under the approved package, the ECC agreed to enhance the Export Finance Scheme administered by the Pakistan EXIM Bank, introduce a new Long-Term Export Growth Financing Facility and provide a performance-based rebate for exporters achieving growth in incremental exports.
The finance ministry said the schemes were designed to provide fixed-rate financing facilities and create a more supportive environment for exporters. The measures would particularly focus on bringing small and medium enterprises into the export sector by improving their access to financial resources and helping them compete in international markets.
The ECC directed that a six-month performance report should be prepared to evaluate the impact of the newly approved schemes. The review would assess whether the initiatives had helped increase exports, improve business activity and provide effective support to exporters.
The committee also approved a Technical Supplementary Grant of Rs4 billion to meet expenses related to several international arbitration proceedings initiated by independent power producers and major utility shareholders. The funds would be used to manage legal and related costs associated with the cases.
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