KARACHI: Governor State Bank of Pakistan (SBP) Ashraf Mahmood Wathra has assured that SBP will look into the possibility of reviving SBP-KCCI Import Export Committee as the Karachi Chamber, being the most important chamber of Pakistan, represents the largest city and plays a vital role in the economic activities of Pakistan.
Speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI), Ashraf Wathra paid tribute to KCCI for its proactive role in resolving issues being faced by the business and industrial community. “We will continue with hold frequent interactions with Karachi Chamber from time to time and I will personally follow up the decisions taken in dealing with issues faced by business and industrial community”, he added.
Chairman Businessmen Group & former President KCCI Siraj Kassam Teli, Vice Chairmen BMG Tahir Khaliq and Anjum Nisar, President KCCI Shamim Ahmed Firpo, Senior Vice President KCCI Asif Nisar, Vice President KCCI Muhammad Younus Soomro, Chairman Banking & Insurance Sub-Committee Atif Jamil-ur-Rehman, Former President KCCI AQ Khalil and others were present on the occasion.
Ashraf Wathra said that SBP expects GDP growth of 5 percent next year but SBP was focused on achieving strong GDP growth of 7 percent, which will surely create jobs. He informed that the Ministry of Finance and the Federal Board of Revenue have agreed to increase the banking transaction threshold from the existing Rs50,000 per day to Rs100,000 for charging withholding tax in the upcoming budget of 2017-18.
Highlighting the growth in credit to private sector, Governor SBP said that credit to private sector has expanded to Rs348 billion this year as compared to Rs267 billion last year. He informed that the State Bank was focused on two key aspects in the development of SME sector which include provision of an enabling regulatory environment and market development. “7 percent of total credit to private sector represents SME finance which needs to be enhanced to 15 percent by 2020. This is not going to be an easy target so all stakeholders will have to make collective efforts and in this regard, we have already taken some practical steps”, he added.
He said that EXIM bank has been established in order to provide export credit, minimize the cost of doing business, and help exporters by reducing risks through export credit guarantees and insurance facilities. In this regard, technical assistance has been sought from the Asian Development Bank and negotiations were at an advance stage whereas the government has also published an advertisement to appoint Chief Executive Officer of the bank.
