Prime Minister Shehbaz Sharif on Saturday hailed the launch of export insurance coverage through the Export Development Fund (EDF) and the Export-Import Bank of Pakistan (EXIM Bank), describing it as a significant step towards strengthening exports, particularly for small and medium-sized enterprises (SMEs).
Chairing a meeting on the Export Development Fund, the prime minister said the newly established Rs3 billion Risk Pool would improve SMEs’ access to export credit insurance, enabling them to expand their presence in international markets and increase the country’s export earnings.
He said the initiative would provide much-needed support to smaller businesses, which play a vital role in the economy, and praised the EDF management for introducing reforms designed to reinforce Pakistan’s economic foundations.
The prime minister noted that the EDF had undergone restructuring, with its leadership entrusted to professionals from the private sector. He added that all funds available with the organisation were now being directed towards facilitating exporters and strengthening the business environment.
“The government’s reforms reflect its commitment to expanding the national economy through exports,” he said, expressing confidence that such measures would improve Pakistan’s attractiveness as an investment destination and support its long-term economic growth.
Shehbaz Sharif reiterated that the government’s economic strategy remained focused on building an export-led economy by creating opportunities for businesses and improving their competitiveness in global markets.
During the meeting, officials briefed the prime minister on the progress made in restructuring the Export Development Fund. They informed him that the entire Rs24 billion available with the EDF had been earmarked for investment in initiatives aimed at supporting the business community.
The briefing also highlighted that no further spending would be directed towards infrastructure projects. Instead, the fund would prioritise programmes related to research, skills development and improving competitiveness to help businesses expand and contribute to economic growth.
Officials further informed the meeting that efforts were under way to secure the continuation of Pakistan’s GSP Plus trade preferences, ensuring the country retains preferential access to European markets.
The meeting was attended by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Finance Minister Muhammad Aurangzeb, Federal Ministers 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 government officials.
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