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MoC takes measures to promote growth of country’s economy

MoC takes measures to promote growth of country’s economy

ISLAMABAD: The creation of enabling financial environment is one of the significant steps taken by Ministry of Commerce (MoC) to promote growth of various sectors of the country’s economy. In this regard, one of the main initiatives is to provide financing and risk coverage facilities that aim to improve access to finance for various sectors including the service sector.

A source at MoC told Customs Today that initiatives provided support to start service sector to with a view to enhance exporting capacities are given below. The prevailing foreign exchange regulation of Pakistan supports the exports of services from Pakistan in terms of facilitation & export promotion.

“The exporters of services sector are allowed to retain 35% of their net foreign exchange earnings in foreign currency accounts with authorized dealers in Pakistan” the source added saying that the funds held in such foreign currency accounts could be used by the exporters for promotional publicity, collection of commercial intelligence, purchase of designs/patterns, market studies, bona-fide export claims, shortfall in realization of export proceeds and any other legitimate purpose.

Currently, the source said that short terms (export finance scheme) and long term (long term financing facility) refinance facilities were also available to the exporters including service sector through banks to promote exports of the country.

To a question, the source said that MoC imposed a ban on the export of surplus agricultural products. The agricultural items banned to be exported as per Schedule-I of EPO 2016 included pulses, gram, gram flour and sugar. However, after observing domestic sugar surplus, the Government of Pakistan has allowed an export of 2.725 million MT of sugar in the crushing year 2016-17