Circulars/Notifications / Infrastructure, Housing & SME Finance Department  

 IH&SMEFD Circular Letter No. 12 of 2020
June 26, 2020

The Presidents/CEOs,
All Banks/DFIs

Dear Sir/Madam,

Export Finance Scheme (EFS) /Islamic Export Refinance Scheme (IERS) - Extension/Allocation of Limit

As you are aware, export refinance limits sanctioned in favour of banks for the year 2019-20 are due to expire on 30-06-2020. Further, the entitlement for the exporters to borrow under EFS/IERS Part-II is determined for each year on the basis of export performance reported in EE-1 statements, which is prepared by bank/exporter and verified by the FEOD of SBP-BSC. 

2. In order to ensure that the financing facilities are available to exporters till finalization of their new limits under Part-II of Scheme, it has been decided as under: -

    1. In terms of relaxations issued vide IH & SMEFD Circular No. 5 of 2020, limits sanctioned by banks to individual exporters under EFS/IERS Part-II for FY 2019-20 will continue till finalization of new limits of FY 2020-21 (i.e. up to January 31, 2021).

    2. Exporters, who do not want to avail the aforesaid relaxations, are required to intimate through their banks to concerned SBP BSC office till June 30, 2020. These exporters will be required to submit EE-1/EF-1 statements for FY 2019-20 duly completed in all aspects to concerned FEOD of SBP BSC Office through their banks well in time to get verify the statements. Once verified from concerned FEOD, EE-1/EF-1 statements should be submitted to concerned SBP BSC Office within deadline i.e. August 31, 2020 as usual. Current limit of FY 2019-20 of such exporters will continue till August 31, 2020 pending preparation/verification of EE-1 statements.

    3. The facility under EFS Part-II is self-regulating, the exporters shall continue to foresee their export earnings during FY 2019-20 (including additional period, if availed), work out their own estimate as to the quantum of their entitlement for FY 2020-21. The exporters should accordingly adjust their existing borrowings on or before end, June 2020 to avoid utilization of excess financing under EFS during FY 2020-21 and charging of prescribed penalty in this regard.

3. Requests from banks for limits under EFS/IERS for the year 2020-21 should be submitted to this department separately up to June 30, 2020. Banks should ensure submission of their requests for limits within due time. Further, the existing limits of Banks under EFS/IERS will continue till fresh limits for FY 2020-21 are notified.

4. Banks are, therefore, advised to clearly intimate contents of sub Para 2 (a), (b) & (c) above to their borrowers availing facilities under Part-II of the Scheme for compliance.


Please acknowledge receipt.

Yours faithfully,


(Dr. Mian Farooq Haq)


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