KARACHI, Nov 7: The State Bank has decided to redraft the export finance scheme (EFS). The scheme will not only support exporters, but also help the local manufacturing sector and simplification of procedures in order to provide maximum access to stakeholders.

The SBP in a circular issued on Monday said it wanted to enhance scope and coverage of the scheme. The new EFS will not only further reduce documentary requirements but also include the manufacturing sector requiring a longer-term finance, the circular added.

It will also be available to the exporters of locally manufactured machinery and such machinery and goods supplied locally against international tenders as well as to international agencies based in Pakistan for undertaking their relief activities in the country or elsewhere in the region, provided the payments are received in foreign currency.

The export finance scheme, which has been in operation since 1973, is a major source of banks’ credit to the exporters. With a view to simplifying its procedures for the exporters and banks, the EFS witnessed various modifications over the years.

The State Bank invited suggestions, views, comments and feedbacks from all the stakeholders, particularly from bankers and exporters.