Islamabad: Prime Minister Muhammad Shehbaz Sharif chaired an Export Development Fund meeting, where he endorsed the provision of export insurance coverage by the Export Development Fund and the Export Import Bank of Pakistan, particularly for small and medium-sized enterprises (SMEs).

According to Union of Small and Medium Enterprises, the Prime Minister announced a Rs 3 billion Risk Pool aimed at expanding access to export credit insurance for SMEs. This initiative is designed to assist the business community in boosting export volumes. The Prime Minister emphasized that this development marks a significant step in promoting SMEs across the nation.

The Prime Minister also praised the Export Development Fund team for implementing reforms to strengthen the national economy. He noted that the EDF leadership has been transferred to private sector experts following restructuring and reforms. All available capital with the EDF is being directed towards facilitating the business community, reflecting the Government of Pakistan's dedication to fostering an export-based economy. Such initiatives aim to position Pakistan as a global investment hub.

During the meeting, the Prime Minister received a briefing on the restructuring and reforms of the EDF. The briefing highlighted that Rs 24 billion available with the EDF has been allocated for investments to support the business community. The funds will be focused on research, skills development, and enhancing competitiveness, with no additional expenditure in the infrastructure sector. Efforts are also underway to extend the Generalized System of Preferences Plus (GSP Plus Status) to improve Pakistan's access to the European market.

The meeting was attended by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Federal Ministers Muhammad Aurangzeb, Rana Tanveer Hussain, Jam Kamal Khan, Ahad Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, Prime Minister's Advisor Haroon Akhtar, EDF Board Chairman Omar Saif, and other senior officials.