SIALKOT: State Bank of Pakistan (SBP) governor Tariq Bajwa has pledged to make all-out efforts for the promotion of agriculture, SMEs and housing sectors in Pakistan under the vision of the central bank, saying the promotion of these sectors by SBP was vital to boost the national economy.
He said that the SBP was making hectic efforts to remove all the obstacles from the smooth way of promotion of the SMEs. He stated this while addressing an important joint meeting of the Sialkot exporters and bankers held at Sialkot Chamber of Commerce and Industry (SCCI) here Thursday. SCCI president presided over this meeting. Local senior officials of SBP Sialkot, SCCI officials and representatives of the local main trade bodies also attended this meeting.
Governor SBP said that the SBP was bringing further betterment and easiness in the credit allocations for the SMEs, saying that efficient credit allocations were critical for sustainable and inclusive economic growth. Tariq Bajwa added that the SBP has further simplified the procedure of loans applications for the SMEs in the country, saying that this step would help a lot the SMEs to grow up and flourish. He said that there was a dire need of ensuring the benefits of SBP’s SMEs promotion policy to the SMEs a swell. SBP Governor revealed that the SBP has resolved the Direct Documentation Issue of the SMEs amicably. He said that SBP was also simplifying the taxation regime to bring maximum people under the tax net. Tariq Bajwa added that the SBP would soon give a “special barrier” to all the commercial banks for controlling the interbank rates and minimising the difference of the rates of the foreign currencies to help the SMEs as well. Governor SBP said that the SBP was also making effective and positive measures to make the Exim Bank as an active institution to boom up the importers and exporters as well. He said that there were some issues of the capitalisation due to which the Exim Bank was not yet established. Governor SBP Tariq Bajwa said the country’s business community has been playing its pivotal role in strengthening the national economy by increasing the exports. During this meeting, the SCCI officials highlighted the perturbing problems of Sialkot businessmen and sought the help of governor SBP for early amicable solution to these problems.
Governor SBP said that the business community has the full capacity to pull out country from the existing economical crisis. He said that the national economy was growing due to positive and effective policies of the government.
Governor SBP assured the country’s business community about the continuity of the government’s effective and positive economical and trade policies for strengthening the national economy and promotion of sustainable trade activities in the country. He highly hailed the unique export culture of Sialkot and said that the Sialkot business community has written a unique golden history of self help by completing this mega project, advising others to replicate it.
He said that the industrialists and exporters of Sialkot had set a unique precedent for others in the country to follow by successfully launching a mega project on self-help basis. He also highly hailed the unique export culture of Sialkot and Sialkot’s marvelous socio-economical and human resources development by Sialkot business community on self-help basis.
Governor SBP said that the maintenance of the upsurge in country’s economy was the main focus of the government, as the government was making all-out sincere efforts to bring a revolution of industrial development through the promotion of country’s SMEs sector. He urged the Sialkot business community to focus on the diversification of their traditional to non-traditional export products besides focusing on exploring the new world trade and export markets in the large national interest for bringing boom in country’s economy and industrial development.
