PM Shehbaz directs easier SME financing to boost exports

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday directed the relevant authorities to improve small and medium-sized enterprises’ (SMEs) access to financing, saying the sector was vital for increasing Pakistan’s exports and strengthening economic growth.

Chairing a review meeting on the performance of the Small and Medium Enterprises Development Authority (SMEDA), the prime minister instructed officials to work with the State Bank of Pakistan and commercial banks to formulate a comprehensive strategy for expanding credit facilities for SMEs.

Focus on financing and export growth

According to the PMO, PM Shehbaz said SMEs should be provided greater support to enhance their production capacity, particularly by raising awareness and facilitating loans for farmers involved in processing agricultural produce and fruit.

He also called on commercial banks to introduce dedicated financial products tailored to the needs of small and medium-sized businesses.

The prime minister further directed authorities to assist SMEs in preparing feasibility studies and completing other procedural requirements, stressing that urgent steps were needed to remove obstacles hindering the sector’s growth.

Support for entrepreneurs

The meeting was informed that SMEDA had ensured the participation of 700 Pakistani SMEs in 16 international events during the current year to help expand access to global markets and increase exports.

Officials also said SMEs in 35 cities had received training on financial regulations and business management, while the authority had undertaken several other initiatives to strengthen the sector.

PM Shehbaz directed SMEDA to extend greater support to young entrepreneurs, including women, in establishing small and medium-sized businesses.

The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Minister Musadik Malik, Special Assistant to the Prime Minister Haroon Akhtar Khan and other senior officials. The chief secretaries of all four provinces and sector experts also joined the meeting via video link.