New blue economy policy to revitalize the shipping sector of Pakistan, PM

"The policy would save the country's valuable foreign exchange and generate more employment opportunities for our seafarers,"- PM

blue economy

The Prime Minister of Pakistan Imran Khan has congratulated the Maritime Ministry for finalizing a new and dynamic blue economy policy to revitalize Pakistan’s shipping sector.

In a tweet, the PM said that the policy would save the country’s valuable foreign exchange and generate more employment opportunities for our seafarers.

The Prime Minister added, “We will ensure that Pakistan fulfills its enormous maritime potential.”

In response to the PM’s tweet, the Federal Minister for Maritime Affairs, Ali Haider Zaidi, said, “It is a humbling moment for all of us at the Maritime Ministry to be acknowledged by Prime Minister Imran Khan. We will overcome all the difficulties and deliver our best by understanding and maximizing the Blue Economic’s enormous potential in Pakistan.”

According to the policy document shared by Ali Haider Zaidi, “Refinance will be allowed to purchase ships and vessels as per existing rates and tenders of The LTFC. The eligibility criteria of The LTFF (Long Term Finance Facility) for both existing and future export performance requirements, will be applied for the shipping industry.”

The Maritime Minister added, “The foreign exchange receipts of the shipping industry will be counted towards performance requirements. Similarly, local currency receipts carrying goods for imports/exports/passage, being foreign exchange savings, can also be counted towards meeting performance requirements.”

It has been clarified that public sector entities entirely owned by the government are not eligible under the scheme.

Financing can also be available for purchasing imported second-hand ships and vessels of not more than ten years old. However, in any case, the remaining useful life of second-hand ships and vessels should not be less than any tenor of a loan at the time of availing finance.

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