Export-Import Bank to be set up to boost Pakistan’s exports

ISLAMABAD (92 News) – Pakistan has decided to set up its Export-Import Bank (EXIM) to arrest the trend of declining exports and boost exports level. According to the sources, the bank will not only help improve the country’s exports, but also assist the exporters in getting foreign currency. The decision comes after Pakistan misses export target set for the outgoing fiscal year by a wide margin of $5.03 billion. The Pakistan Bureau of Statistics (PBS) reported on Saturday last that the exports dropped one per cent during the fiscal year ended June this year to $22.97bn from corresponding period falling massively short of the $28bn-target set by the government. The bleak export statistics come despite government extending tax incentives to the export-oriented sectors to help increase earnings. The slowdown in economic growth in the EU along with spill over from US-China trade tensions led to the decline in exports, according to the Commerce Division. On a month-on-month basis, export proceeds during June dipped by 8.77pc to $1.71bn, from $1.88bn in same month last year.