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The Bank will start operations in 2015-16. (2) Exports Refinance Facility (ERF): In the last budget, the Government, through the State Bank of Pakistan, had arranged to reduce its mark-up rate on exports finance from 9.4% to 7.5%, This rate was reduced in February 2015 to 6.0%, and it will be further brought down to 4.5% from 1st July 2015;
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· Pakistan’s economy achieved growth rate of 4.7 percent in 2015/16, the highest in the past eight years. The World Bank, however, projected the country’s growth rate at 5.4 percent by 2018. Akhtar said a lot of incidents of tax evasion are being reported,
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