Shaukat Tarin emphasis the need for robust and sustained growth in exports

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The Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, held a meeting with a delegation of exporters at the Finance Division today.

Federal Minister for Industries and Production Mr. Khusro Bakhtyar, Federal Minister for National Food Security & Research Mr. Fakhar Imam, Advisor to the PM on Commerce Abdul Razak Dawood, SAPM on Finance and Revenue Dr. Waqar Masood, Governor State Bank of Pakistan Dr. Reza Baqar, Chairman FBR, Secretary Petroleum, Secretary Commerce and other senior officers participated in the meeting.

The session was chaired by the Advisor to the PM on Commerce Mr. Abdul Razak Dawood. In his opening remarks, the Advisor on Commerce welcomed the representatives of exporters and commended their role for putting exports on high growth trajectory during testing times due to Coronavirus pandemic. He affirmed full support and facilitation to resolve liquidity crisis faced by the exporters.

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In his remarks, the Finance Minister Mr. Shaukat Tarin, urged to adopt a forward looking approach for enhancing export earnings to reduce trade deficit. He directed to find a win-win situation with reference to protracted issues for taking our value-added exports to the next level. He emphasised the need for robust and sustained growth in exports on immediate basis.

The Finance Minister also appreciated the Ministry of Commerce, Ministry of Industries and Production and the State Bank of Pakistan for their outstanding support and timely interventions for the small and medium industries amid COVID-19.

While responding to queries related to the current energy requirements, the Finance Minister stressed the need for load management by switching to alternate fuel options during peak demand period. He directed to form a working group comprising of representatives from respective utility organizations for a prompt action to fulfil energy requirements on real-time basis, in respective areas.

The Finance Minister assured swift payments to the exporters against their refunds. He directed FBR that refunds requiring Provincial Government’s verification must be given on an interim basis subject to future adjustments. He constituted a sub-committee comprising of representatives from the Ministry of Commerce, FBR and the SBP to sort out such matters at an accelerated pace. The underlying rationale is to ensure timely payments for exporters amid cash flow crunch.

In his concluding remarks, the Finance Minister reiterated his unflinching support to the exporters and encouraged them to come up with a well-rounded proposal enabling Government for better facilitation and timely support amid COVID-19 and in post-COVID scenario.

It was decided that meeting with a delegation of exporters will be held on regular basis to review issues faced by them. The delegation thanked the Honorable Ministers for their support to address liquidity challenges for improved cash flow position.

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