The President of the Karachi Chamber of Commerce and Industry (KCCI), Jawed Bilwani, has underscored the necessity of maintaining and enhancing the Export Finance Scheme (EFS) to sustain Pakistan’s export competitiveness and support exportled growth.

Bilwani highlighted that the EFS should be reinstated to its original form, as established before the Federal Budget 202425, to ensure liquidity and competitiveness in the export sector.

Bilwani articulated that despite facing high regional costs, Pakistan’s exports have demonstrated resilience due largely to EFS’s support. He stressed that preserving and improving this scheme is crucial for maintaining export competitiveness. The EFS, he noted, was developed through broad consultations to simplify export procedures and facilitate business operations via a fully automated system.

He explained that EFS has eased liquidity pressures for exporters, especially in the textile and apparel sector. The import of quality yarns under EFS, he emphasized, provides a competitive edge to local manufacturers. Bilwani warned that recent policy changes, like removing zerorating for local supplies, have disrupted the balance between imported and local raw materials.

Given IMF reservations, Bilwani proposed a middle path with a negative list to restrict highrisk imports under EFS while maintaining the scheme’s facilitative framework. He reiterated the need for realtime audits and digital monitoring to enhance transparency and credibility. Bilwani concluded that with effective implementation, EFS could strategically eliminate Pakistan’s trade deficit and ensure longterm export sustainability.