Hafeez Shaikh guarantees Rs300bn subsidised financing for exporters

ISLAMABAD: Adviser to the Prime Minister on Finance and Income Dr. Abdul Hafeez Shaikh mentioned on Tuesday the nation’s exports registered a 9.6 per cent enhance in October.

“Exports of Items & Providers elevated by 9.6% in Oct 2019,” he mentioned in a tweet.

“To supply simple working capital & funds for growth, Govt & SBP will give extra Rs 300B[illion] in subsidised financing to exporters & Rs 30B shall be given in money as a substitute of promissory notes issued towards tax refunds,” he added.

A day earlier, Dr Shaikh had mentioned the present account deficit shrinked by a large 63.1 per cent within the first quarter of present fiscal yr.

Speaking to a famend anchorperson in Islamabad, Hafeez Sheikh mentioned that commerce deficit fell by 33.5 per cent throughout the first quarter of the fiscal year-2019-20. He famous that exports elevated by 3.eight per cent throughout the interval.

The finance adviser additionally claimed, “The federal government has taken concrete measures to eradicate round dept by December 2020.” He mentioned that the federal government put the financial system on an upward trajectory of progress and growth.

He mentioned the federal government was making all-out efforts to extend income.

Hafeez Sheikh mentioned that the Worldwide Monitory Fund (IMF) mission had expressed its satisfaction over their efficiency throughout the first quarter of the present fiscal yr.

He additional mentioned that the federal government had diminished its expenditure, elevated finances for growth and poverty alleviation programme.

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