Govt decides to provide Rs300 bn subsidised loan for industrialists to increase exports
ISLAMABAD: Prime Minister Imran Khan’s Adviser on Finance Dr Abdul Hafeez Sheikh on Monday said the government had decided to give 300 billion rupees subsidised loan for industrialists to increase exports.
“The government has decided to give 200 billion more rupees to exporters as loan to increase exports in the country. The interest rates would be lowered for them and the difference would be paid by the government on loan from this amount,” Abdul Hafeez Sheikh said while addressing a press conference in Islamabad. He was flanked by Federal Minister for Economic Affairs Muhammad Hammad Azhar and Special Assistant to Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan.
He said the loan provided by the central bank was also being increased by 100 billion rupees. “This way the exporters could be able to get loan from Rs300 billion.”
The advisor to the PM said the loan was being provided so that more jobs were created in the country through increasing production in the factories for exports.
Tax collection in the country had surged by 21 percent, exchange rate had bettered, stock market for last several months was on a trajectory of improvement and 2.1 billion dollars foreign loan taken by the previous governments had been paid back, so that the country’s credit rating was stable, he maintained.
He said cement production had increased by 4.5 percent, over 16 million tons, which showed that the construction activities had boosted.
Abdul Hafeez Shaikh said the incumbent government’s effective steps had started backing the economy.
He said another good step was that the International Monetary Fund (IMF) report prepared about the national economy had said that all the targets set by the IMF for Pakistan had been mostly achieved.
“All performance criteria for first quarter were met with comfortable margin,” he quoted the IMF report as saying. The IMF officials had recommended to give Pakistan 2nd tranche of 4.5 million dollars, he said.
World Bank had also appreciated the Pakistan’s reforms measures, he said.
The PM’s advisor said additional 30 billion rupees were being allocated for PM housing project as a subsidy. Special tax rates would be given to the businesses involved in building the PM housing projects, he said.