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Data Collection Survey on SME Finance in the Islamic Republic of Pakistan

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Data Collection Survey on SME Finance in the Islamic Republic of Pakistan Islamic Republic of Pakistan Data Collection Survey on SME Finance in the Islamic Republic of Pakistan Final Report August 2018 JAPAN INTERNATIONAL COOPERATION AGENCY IMG Inc. 4R JR 18-053 Data Collection Survey on SME Finance in the Islamic Republic of Pakistan Map i Data Collection Survey on SME Finance in the Islamic Republic of Pakistan Table of Contents Summary ............................................................................................................................................ 1 Introduction ........................................................................................................................................... 6 1 Background and Objective of the Survey ...................................................................... 6 2 Survey Team Members .................................................................................................. 6 3 Survey Area .................................................................................................................... 6 4 Survey Methodology ...................................................................................................... 7 Chapter 1 Pakistan’s Macroeconomic Overview .............................................................................. 10 1-1 Economic Growth ........................................................................................................ 10 1-2 Balance of Payment ...................................................................................................... 11 1-3 Foreign Exchange Rate ................................................................................................ 13 1-4 Fiscal Balance .............................................................................................................. 14 1-5 Public Debt ................................................................................................................... 15 1-6 Monetary policy and inflation ...................................................................................... 15 1-7 Structural Reforms ....................................................................................................... 16 Chapter 2 SME Sector in Pakistan and their Support ....................................................................... 18 2-1 Overview of the SME Sector in Pakistan ..................................................................... 18 2-1-1 Definition of SMEs .................................................................................................. 18 2-1-2 Number of SMEs ...................................................................................................... 19 2-1-3 Target Sector and Sub-Sectors of the Survey ........................................................... 21 2-2 Overview of the Target SME Sectors .......................................................................... 21 2-2-1 Textile ...................................................................................................................... 21 2-2-2 Gem and Jewelry ...................................................................................................... 25 2-2-3 Marble Processing .................................................................................................... 27 2-2-4 Leather Goods Manufacturing ................................................................................. 29 2-2-5 Sports Goods Manufacturing ................................................................................... 31 2-2-6 Surgical Instruments ................................................................................................. 32 2-2-7 Auto Parts Manufacturing ........................................................................................ 34 2-2-8 Light Engineering Products ...................................................................................... 37 2-3 Current Condition of SMEs.......................................................................................... 41 2-3-1 Technology ............................................................................................................... 41 2-3-2 Raw materials ........................................................................................................... 42 2-3-3 Marketing ................................................................................................................. 42 2-3-4 Human resources ...................................................................................................... 42 2-3-5 Financing .................................................................................................................. 43 2-3-6 Problems and Challenges ......................................................................................... 44 2-4 SME Development Policy and Plans ........................................................................... 46 2-5 Overview of SME Support Projects and Activities ...................................................... 46 Chapter 3 Financial Sector Overview and SME Finance ................................................................. 48 3-1 Financial Sector in Pakistan ......................................................................................... 48 ii Data Collection Survey on SME Finance in the Islamic Republic of Pakistan 3-1-1 Financial Sector Landscape ...................................................................................... 48 3-1-2 Interest Rate Environment ........................................................................................ 50 3-1-3 Dynamics of Public Debt and Private Sector Credit ................................................ 50 3-1-4 Financial Soundness of the Banking Sector ............................................................. 52 3-1-5 Composition of Private Sector Credit ...................................................................... 52 3-2 SME Finance ................................................................................................................ 53 3-2-1 SME Finance Landscape .......................................................................................... 53 3-2-2 SME Finance by Facility and Industry ..................................................................... 55 3-2-3 SME Finance by Banking Groups ............................................................................ 56 3-2-4 SME Finance and Performance of Commercial Banks in Pakistan ......................... 58 3-2-5 Financial Products for SME Finance........................................................................ 64 3-3 Selected Ongoing Financial Assistance by Donors ...................................................... 66 3-3-1 Credit Enhancing Products and Schemes ................................................................. 66 3-3-2 Karandaaz and IFC for Supply Chain Finance ......................................................... 70 Chapter 4 Financial Access and Inclusion for SMEs ........................................................................ 72 4-1 Low level of Financial Inclusion in Pakistan ............................................................... 72 4-2 Primary Constraints in Advancing SME Finance ........................................................ 72 4-2-1 SMEs’ Informality.................................................................................................... 75 4-2-2 SMEs’ Lack of Collateral ......................................................................................... 76 4-3 Current status of SMEs’ Financial Inclusion ............................................................... 77 4-4 Reforms Targeting SME Finance ................................................................................. 79 Chapter 5 Proposed SME Support by JICA ...................................................................................... 83 5-1 Financial Assistance ..................................................................................................... 83 5-2 Technical Assistance .................................................................................................... 86 Annex 1 List of Banks Operating in Pakistan ..................................................................................... 91 Annex 2 Pakistan’s Economic and Social Developmental Goals and Policy Guidelines ................... 92 Annex 3 Utilization Status of the Credit Guarantee Scheme of SBP .................................................. 94 Annex 4 Options for JICA Financial Assistance ................................................................................. 95 Annex 5 Overview of Pakistan’s Microfinance Sector and Micro Enterprise Lending ...................... 96 Annex 6 Financial Scheme of Foreign Currency Loans for Export Oriented Medium-sized Enterprises ........................................................................................................................................ 102 Annex 7 Summary of Recent SME Support in Pakistan ................................................................... 105 iii Data Collection Survey on SME Finance in the Islamic Republic of Pakistan List of Tables and Figures Table 1 Institutions related to SME finance visited by the JICA Survey Team ...............................7 Table 2 Organizations related to SME development interviewed by the JICA Survey Team .........8 Table 3 Balance of payment summary ...........................................................................................12
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