Prime Minister Shehbaz Sharif on Saturday said that a Rs3 billion Risk Pool, specifically for small and medium-sized enterprises (SMEs), expands access to export credit insurance. Chairing a meeting, PM Shehbaz welcomed the provision of export insurance coverage by the Export Development Fund (EDF) and the Export Import Bank of Pakistan (EXIM Bank of Pakistan), particularly for the SMEs. "This decision will facilitate the business community in increasing the volume of exports. It is a highly welcome step for the promotion of small and medium-sized enterprises in the country," the premier remarked.

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. Speaking on the occasion, the premier commended the EDF team for their reforms aimed at strengthening the national economy. He further stated that, following restructuring and reforms, the leadership of the EDF has been entrusted to private sector experts. "All capital available with the EDF is being utilised for the facilitation of the business community," he added.

The premier said that these measures reflect the government's commitment to promoting the national economy and increasing exports. PM said: "Through these initiatives, Pakistan will become a hub for investment at the global level. All these measures are being taken to fulfil the resolve to promote an export-based economy."

The premier was briefed on the restructuring and reforms of the EDF. The briefing revealed that the Rs24 billion available with the EDF has been fully earmarked for investment to facilitate the business community. Steps are being taken to extend the Generalised System of Preferences Plus (GSP Plus) status for access to Pakistan's European market, the premier told.