Dr Reza Baqir, Governor of the State Bank of Pakistan (SBP), stated on Monday that Pakistan’s export potential is ‘infinite.’ This statement comes as the central bank works to foster price stability, financial stability, and economic growth in the country. Baqir expressed his joy that the company “benefited from the central bank’s Temporary Economic Refinance Facility (TERF) scheme, which was introduced during the Covid epidemic,” during an inauguration ceremony of Service Long March’s (SLM) radial bus and truck tyre facility in Karachi.
The SBP formed TERF in March 2020 to encourage long-term economic growth in response to corporate concerns about order cancellations and the national recession.
The facility offers low-interest refinancing for the construction of new industrial facilities. Almost any sector can refinance with the help of banks or Development Financial Institutions (DFIs). Baqir cited SLM as an example of TERF’s accomplishment. With the help of $50 million in capital funding, he claims that the company is well on its way toward its $300 million-per-year-per-export goal. As long as a specific amount of money is given, it is money well spent if it results in a multiple of the country’s annual exports, said Baqir. Although the SBP chairman called for further diversification, he also stated that 60 percent of the TERF funds had been allocated to non-textile projects. Baqir stated that TERF has also supported companies that are less dependent on foreign imports.
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