ISLAMABAD – *PTI government takes Rs 300 billion initiative to boostexports of the country.*
Advisor to Prime Minister on Finance and Revenue Abdul Hafeez Sheikh hassaid that the government, alongside the central bank, will give additionalRs300 billion in subsidized financing to exporters, in order to provideeasy working capital & funds for expansion.
The advisor further said in a tweet that Rs30bn will be given in cashinstead of promissory notes issued against tax refunds. The developmentcomes amid exports of goods and services rose by 9.6 percent in October.
linkDr. Abdul Hafeez Shaikh@a_hafeezshaikhlinklink
Exports of Goods & Services increased by 9.6% in Oct 2019. To provide easyworking capital & funds for expansion, Govt & SBP will give additional Rs300B in subsidised financing to exporters & Rs 30B will be given in cashinstead of promissory notes issued against tax refunds.4,861 link19:56 – 19 Nov 2019linkTwitter Ads information and privacylink
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Meanwhile, the country’s trade deficit during the first four months of theongoing fiscal year 2019-20 has recorded a decline of 33.52 percent ascompared to the first four months of the past fiscal year 2018-19.
According to the latest data of advance releases on foreign tradestatistics released by the Pakistan Bureau of Statistics (PBS), the tradedeficit during July-October 2019-20 was recorded at $7.776 billion againstthe deficit of $11.696 billion during July-October 2018-19.
The exports during the four month period increased from $7.270 billionduring last year to $7.547 billion during the current fiscal year, showinga growth of 3.81 percent.
On the other hand, imports during the four month period witnessed a declineof 19.21 percent by falling from $18.966 billion last year to $15.323billion during the current fiscal year, the data revealed.
