ISLAMABAD: Finance Minister Shaukat Tarin on Friday held out an assurance to exporters for swift payment of refunds amid a cash flow crunch.

The assurance came from the minister during a meeting with a delegation of exporters at the Finance Division. The exporters are urging the government to provide uninterrupted power supply and early release of pending refunds.

The meeting was also attended by Industries Minister Khusro Bakhtyar, National Food Security Minister Fakhar Imam, Commerce Adviser Abdul Razak Dawood, Special Assistant on Finance and Revenue Dr Waqar Masood, State Bank of Pakistan Governor Dr Reza Baqir, Federal Board of Revenue Chairman Asim Ahmad, petroleum and commerce secretaries and other senior officers participated in the meeting.

An official announcement said that the federal minister directed the FBR that refunds requiring the provincial government’s verification must be given on an interim basis subject to future adjustments.

He constituted a sub-committee comprising of representatives from the Ministry of Commerce, FBR and the SBP to sort out such matters at an accelerated pace. The underlying rationale is to ensure timely payments for exporters amid cash flow crunch.

The commerce adviser welcomed the representatives of exporters and commended their role for putting exports on high growth trajectory during testing times due to the coronavirus pandemic. He affirmed full support and facilitation to resolve liquidity crisis faced by the exporters.

Finance Minister Shaukat Tarin called for the adoption of a forward-looking approach for enhancing export earnings to reduce the trade deficit. He directed to find a win-win situation with reference to protracted issues for taking our value-added exports to the next level. He emphasised the need for robust and sustained growth in exports on an immediate basis.

Mr Tarin also appreciated the Ministry of Commerce, Ministry of Industries and Production and the State Bank of Pakistan for their outstanding support and timely interventions for the small and medium industries amid Covid-19.

While responding to queries related to the current energy requirements, Mr Tarin stressed the need for load management by switching to alternate fuel options during peak demand period. He directed to form a working group comprising of representatives from respective utility organisations for a prompt action to fulfill energy requirements on a real-time basis, in respective areas.

He reiterated his unflinching support to the exporters and encouraged them to come up with a well-rounded proposal enabling government for better facilitation and timely support amid Covid-19 and in post-Covid scenario.

It was decided that meeting with a delegation of exporters will be held on a regular basis to review issues faced by them. The delegation appreciated ministers for their support to address liquidity challenges for improved cash flow position.

Published in Dawn, August 14th, 2021