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Friday, February 28, 2025

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SBP Governor Unveils Plans to Boost Exports and SME Sector

MULTAN: The State Bank of Pakistan (SBP) Governor, Jamil Ahmed, has announced several initiatives to strengthen exports and support the Small and Medium Enterprises (SME) sector, with a target of increasing SME loans to Rs1.1 trillion over the next five years.

Key Announcements:

Support for Exporters & Non-Traditional Markets

  • Exporters are being provided with all possible facilities to enhance exports.
  • A new scheme will be introduced for exporters targeting non-traditional products and new markets.

Boosting the SME & Agriculture Sectors

  • Loan volume for SMEs to double from Rs550 billion to Rs1.1 trillion in the next five years.
  • Loan limits increased:
    • Small businesses: Up to Rs100 million.
    • Medium-sized industries: Up to Rs500 million.
  • Financing Progress:
    • December 2023: Rs543 billion disbursed.
    • December 2024: Rs638 billion disbursed.

Economic Growth & Foreign Exchange Reserves

  • Pakistan’s economic growth is projected to exceed 3% in the current fiscal year, with a higher increase expected next year.
  • Remittances stabilizing, expected to reach $35 billion this fiscal year.
  • Foreign exchange reserves have improved to $11.5 billion, covering 60 days of imports—a significant rise from the previous 15-day cover.

Digital Currency & Financial Reforms

  • Digital currency is not yet being legalized, but the SBP is enhancing its capacity for future implementation.
  • A government-level committee is reviewing technology and regulatory requirements, with potential amendments to the State Bank Act.

Governor Jamil Ahmed made these remarks while addressing the Multan Chamber of Commerce and Industry on Thursday. He emphasized the importance of the IT sector, stating that steps are being taken to integrate it more effectively into the economy.

 

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