Prime Minister Muhammad Shehbaz Sharif has welcomed an initiative by the Export Development Fund and EXIM Bank of Pakistan to provide export insurance coverage, particularly to SMEs.

He was chairing a meeting on the Export Development Fund (EDF) in Lahore today.

The Prime Minister said all funds available to the Export Development Fund are being used to facilitate the business community and promote economic growth.

He said the establishment of a three-billion-rupee risk pool would expand export credit insurance coverage for small and medium-sized enterprises.

The Prime Minister said the initiative would help the business community increase the country's exports.

He termed it a welcome step towards promoting small and medium-sized businesses.

Shehbaz Sharif appreciated the Export Development Fund for introducing reforms.

He said that, following its restructuring, the leadership of the Export Development Fund had been handed over to experts from the private sector.

The Prime Minister said these measures are a testament of the government's commitment to promoting an export-oriented economy and making Pakistan a global hub for investment.

The meeting was briefed that twenty-four billion rupees available to the EDF have been completely allocated for investment aimed at facilitating the business community, while no further expenditure would be incurred on account of infrastructure.

It was further informed that several initiatives are being taken in research, skills development and enhancing competitiveness in the Export Development Fund to support economic growth.

The meeting was also briefed on steps being taken to extend Pakistan's GSP Plus status to facilitate greater access to the European market.

The meeting was attended by Deputy Prime Minister Ishaq Dar, Federal Ministers Muhammad Aurangzeb, Rana Tanveer Hussain, Jam Kamal Khan and Ahad Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, Prime Minister's Adviser Haroon Akhtar, Chairman Export Development Fund Board Umar Saeed and other senior officials.