Past revenue-centric policies hurt exports: Prime Minister

Past revenue-centric policies hurt exports: Prime Minister

ISLAMABAD: Prime Minister Imran Khan has said that the revenue-centric economic policies of past governments have badly damaged the competitiveness of Pakistan’s exports.

The past the revenue-centric economic policies with overemphasis on collection of revenues made the industry uncompetitive, the prime minister said while chairing 80th Meeting of the Board of Administrators of Export Development Fund (EDF) at Prime Minister’s Office, according to a statement on Thursday.

The prime minister said that economic future of the country was linked with enhancement of exports which so far have remained far below the actual potential.

The present government has made a paradigm shift in prioritizing the competitiveness of industry vis-à-vis revenue collection.

The prime minister while expressing serious concern over the mismatch in collection and releases of the EDF during past years, directed that timely release of EDF, which was indeed the exporters’ money, be ensured during the current year while a comprehensive system be devised for the future to ensure unhindered releases and optimum utilization of EDF for its mandated purpose.

The Board of Administrators of EDF, reconstituted the Finance Committee of the EDF Board which will be chaired by the Advisor to the Prime Minister on Commerce.

The meeting approved budget and the schedule of activities to be held during TEXPO Exhibition 2019 at Lahore Expo Centre on 11th -14th April 2019.

It was also decided during the meeting that the EDF Board would also include Secretary Textile Division, as its member, to ensure representation of the textile sector, being the major contributor towards exports of the country.

Talking to the leading businessmen, the Prime Minister stated that the Government would continue taking the business community on-board in policy formulation process and their feedback would help the government further improve policy framework and to extend maximum facilitation to the exporters and the businessmen of the country.

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