SBP governor unveils plans to boost exports, SME sector

MULTAN: The State Bank of Pakistan Governor, Jamil Ahmed, has said that exporters are being provided with all possible facilities to increase the country’s exports. 

In the next five years, the volume of loans will be taken to Rs1.1 trillion for the development of SME sector. They are not yet ready to legalize digital currency, but a committee has been formed at the government level to work on it. Steps are being taken to understand the importance of the IT sector. There is a foreign exchange of $11.50 billion for 60 days of imports, which was previously at the level of just 15 days. A scheme will be announced soon for exporters who introduce non-traditional products in new markets instead of traditional products.

The SBP Governor, Jamil Ahmed, expressed these views while addressing the Multan Chamber of Commerce and Industry on Thursday. He said that Pakistan’s economic growth is expected to be more than 3 percent in the current fiscal year, while an even higher increase is expected in the next fiscal year. He added that remittances are stabilising and are expected to reach $35 billion in the current fiscal year.

Regarding the legalisation of digital currency, Jamil Ahmed said that the State Bank is not yet ready, but it is improving its capacity for digital currency, and a committee is working at the government level in this regard, which is reviewing the technology and regulatory requirements and will require amendments to the State Bank Act.

The SBP Governor Jamil Ahmed said that they are paying more attention to the SME sector and the agriculture sector in south Punjab. Together with the government, the target of loans for small businesses will be increased from Rs550 billion to Rs1.1 trillion in the next five years. Under the same scheme, the loan limit for small businesses has been increased to Rs100 million, while the loan limit for medium-sized industries has been increased to Rs500 million. By December 2023, a total of Rs543 billion financing was done while financing of Rs638 billion has been done till December 2024.