PM Shehbaz Chairs EDF Meeting, Welcomes Rs3 Billion Risk Pool for SME Export Insurance

Prime Minister says initiative will help business community increase exports; entire Rs24 billion EDF corpus allocated for investment, no spending on infrastructure
Islamabad, Report By Muhammad Saleem — Prime Minister Muhammad Shehbaz Sharif on Saturday welcomed the provision of export insurance coverage by the Export Development Fund (EDF) and the Export-Import Bank of Pakistan (EXIM Bank), particularly for small and medium-sized enterprises (SMEs).
Chairing a meeting on the Export Development Fund, the Prime Minister said the Rs3 billion Risk Pool would expand access to export credit insurance, especially for SMEs, and facilitate the business community in increasing the volume of exports.  He termed it a highly welcome step for the promotion of small and medium-sized businesses in the country.
During the meeting, the Prime Minister was briefed on the restructuring and reforms of the Export Development Fund. The briefing noted that following restructuring, the leadership of the EDF has been entrusted to private-sector experts.
The entire Rs24 billion available with the EDF has been allocated for investment to facilitate the business community, with no expenditure to be made on infrastructure.  The briefing said measures are being taken in EDF for research, skills development, and enhancing competitiveness for the country’s economic development and business community facilitation.
The briefing also noted that measures are being taken regarding the extension of the Special Preferential Trade System (GSP Plus Status) for Pakistan’s access to the European market.  Pakistan’s continued access to the European Union’s preferential GSP+ trade scheme beyond 2029 will depend on its implementation of key United Nations conventions, according to EU Ambassador to Pakistan Raimundas Karoblis.
The Prime Minister appreciated the EDF team’s reforms to strengthen the national economy. He said these steps reflect the government’s commitment to promoting the country’s economy and increasing exports, and through these measures Pakistan will become a global investment hub.
“These steps are being taken to fulfill the commitment to promote an export-based economy,” the Prime Minister remarked.
The meeting was attended by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, 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 of relevant institutions.
Earlier this week, the government signed two export financing deals: a reinsurance partnership between the EXIM Bank of Pakistan and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), and an approximately Rs3 billion SME Risk Pool between the EDF and Pak EXIM.