Govt of Pakistan intends to establish Export-Import Bank of Pakistan as national export credit agency

for promotion, expansion, diversification of international trade.

ISLAMABAD    -   Senate Standing Committee on Finance and Revenue on Thurs­day has approved “The Export-Import Bank of Pakistan Bill, 2022” amid to play a key role in boosting the exports of the country and also providing lev­el playing field to the exporters.

The committee, which met under the chair of Senator Saleem Mandviwalla, has dis­cussed several bills. The com­mittee unanimously passed the bill titled “The Export-Import Bank of Pakistan Bill, 2022”, moved by Federal Minister for Law and Justice Senator Azam Nazeer Tarar. CEO EXIM Bank Irfan Bukhari told the commit­tee that the bill will play a key role in boosting the exports of the country and it will also pro­vide level playing field to the exporters. The major aim of the bill is to provide material sup­port to exporters in delivering their products to the interna­tional markets, he added.

According to the statement of objects and reasons, the gov­ernment had taken several ini­tiatives for the promotion and development of international trade as well as export-oriented industries and import substitu­tion in the national economic interest. In continuation of its efforts and reforms, and in line with best international prac­tices, the government of Paki­stan intends to establish the Export-Import Bank of Pakistan as the national export credit agency for the promotion, ex­pansion and diversification of international trade. It would help provide credit, guarantee and insurance products as well as ancillary services to export­ers and importers, in the form of a statutory corporation that had the backing and support of the Government of Pakistan as is customary for export credit agencies to achieve their de­sired potential and objectives.

Furthermore, the Senate Panel discussed in detail the bill titled “The State Owned Enterprises (Governance and Operations) Bill, 2022”, moved by Federal Minister for Law and Justice Senator Azam Nazeer Tarar. State Minister for Finance and Revenue, Dr Aisha Ghous Pasha apprised the commit­tee that 212 State Owned Enti­ties (SOEs) are controlled and administered by 20 different divisions of the federal govern­ment. She stated that in 2019 IMF highlighted the need of reforms in SOEs and the bill is aimed at improving efficiency in governance and transparen­cy of SOEs. It will also create a linkage between different SOEs which will play an effective role in timely decision making, she added. Senator Saadia Abbasi claimed that we do not need a law to improve governance and the bill doesn’t aim at improv­ing governance but it is to pave the way for privatisation of dif­ferent SOEs. She also added that the profit making SOEs shall not be the part of this bill. Senator Saleem Mandviwalla deferred the consideration of the bill for further deliberations till the next meeting. While discussing the bill titled “Limited Liabil­ity Partnership (Amendment) Bill, 2022”, moved by Senator Zeeshan Khanzada, the com­mittee amended the time pe­riod for the payment of default fee after the expiry date of any document or return to be filed from Rs5000 per day to Rs5000 per month. In addition to that, Aisha Ghaus Pasha informed the committee members that almost 50 percent of the budget recommendations of the Stand­ing Committee have been ac­cepted and implemented