State
Bank of Pakistan (SBP) has received representations from
trade bodies/exporters and other stakeholders to extend
the period of refinance facilities under Part-I of the
Scheme from 180 days to 270 days.
2. Accordingly, it has been decided to extend the period
under Part-I of the Export Finance Scheme upto 270 days.
In case of fresh finances granted by banks to exporters,
the facility will be available for 270 days to the above
exporters, however, banks will have to adjust the finance
within a maximum period of 180 days, and allow rollover
for an additional period of 90 days, provided shipment
has been made by the exporters within a period of 180
days after withdrawal of the finance. In case of export
finance already availed of by exporters under Part-I of
the Export Finance Scheme, banks may allow an additional
period upto 90 days for repayment of export finance availed
of for export of all eligible commodities, except where
export proceeds have been realized earlier by the exporters.
3. For this purpose the exporter/bank desiring rollover
of the facility shall be under obligation to submit Annexure-“D”,
as prescribed under the scheme within a maximum period
of 180 days of availing of the finance giving therein
the particulars of shipment. The concerned SBP BSC Office
shall allow roll over of refinance for a period of 90
days against the already submitted loan documents.
4. Keeping in view the prime objective of promoting exports,
it has been decided to increase export performance requirements
as follows: The exporters will get finance upto 85% of
the value of firm export order/contract/letter of credit
and will be required to make shipments equivalent to 117%
against refinance availed for 270 days from the export
of eligible commodities under Part-I (pre-shipment). Similarly,
in case of post shipment, exporters will be eligible to
avail 85% refinance against the respective shipment.
5.
In case an exporter prefers to remain in the old system,
he can avail export refinance facility for a maximum period
of 180 days under existing terms and conditions.
6. Other instructions on the subject shall remain unchanged.
Please acknowledge receipt.