ISLAMABAD-Caretaker Minister for Finance Dr Shamshad Akhtar on Thursday inaugurated Export-Import Bank of Pakistan aimed at strengthening external trade, attracting investments, and fostering broader economic growth in the country.
“EXIM’s operationalization is a proud moment and a major milestone for us today. It will augment the banking and trade finance landscape as we know,” Finance Minister said while addressing the inauguration ceremony of Export-Import Bank of Pakistan. She further said EXIM’s operationalization is a major milestone and it will augment the banking and trade finance landscape in Pakistan.
She highlighted the global impact of EXIM and said these institutions disbursed a staggering 2.5 trillion dollars in trade finance last year. She emphasized the significance of export credit loans, which provide competitive-rate financing to exporters. She also highlighted EXIM’s potential to enhance Pakistani exporters’ competitiveness globally through provisions like lending, credit insurance, and guarantee services.
Dr Akhtar emphasized the diverse portfolio of products offered by EXIMs, particularly underscoring the significance of export credit loans that provide competitive-rate financing to exporters.
She stated that as EXIM Pakistan grows, it will play a crucial role in promoting trade finance through a well-structured institutional framework and effective policies.
The finance minister stressed the need for streamlining export policy frameworks to contribute to the sustainability of the balance of payments, addressing historical challenges related to low levels of export earnings.
Dr Akhtar outlined EXIM’s potential to enhance Pakistani exporters’ global competitiveness through services like lending, credit insurance, and guarantee services.
Notably, EXIM will introduce export insurance products in Pakistan to protect exporters against credit default risks, empowering them to participate in international infrastructure projects.
The minister underscored the importance of balancing export growth, risk diversification, and industry sustainability in EXIM’s operations. She highlighted its role in gradually managing export finance schemes in compliance with legal constraints.
Acknowledging the collaboration between EXIM and the State Bank of Pakistan (SBP), Dr Akhtar emphasized their partnership until the SBP smoothly phases out of export finance operations. She also stressed the significance of EXIM adhering to international practices while playing a crucial role in disbursing global trade finance.