President ratifies bill on EXIM Bank of Pakistan

ISLAMABAD: President Dr Arif Alvi on Friday signed the Export-Import Bank (EXIM) of Pakistan Bill 2022 as the institution started its formal operations.

The president signed three bills into law after their passage by the parliament under Article 75 of the Constitution. He signed the Publication of Laws of Pakistan (Amendment) Bill 2022 and gave assent to Diplomatic and Consular Officers (Oath and Fees) Amendment Bill 2022

On October 2, the Senate approved a bill to establish the EXIM Bank for the promotion of international trade. The bill titled “Export-Import Bank of Pakistan Bill 2022” was moved by Minister of State for Finance and Revenue Ayesha Ghous.

The bank’s business model would be based on partnerships with commercial banks/ international banks and multilateral development agencies as well as export credit agencies around the world.

The government made a policy decision to set up an EXIM Bank for Pakistan, with a mandate to provide innovative products to support the growth of exports and export led foreign direct investment by mitigating related risks.

The bill was earlier passed by the National Assembly on June 9, 2022. The enactment of EXIM bank is expected to help improve the balance of payment position.

There are over 60 such agencies in the world providing similar products to their industry. This is the first time Pakistan has introduced an initiative to provide a level-playing field to exporters.

The Asian Development Bank and the Islamic Development Bank would provide technical support to the EXIM Bank.

Exim Bank of Pakistan is a developmental as well as a financial institution owned fully by the federal government to grow and diversify the country’s exports and assist in the implementation of import substitution plans.

Also Read

Ambassador Masood: Pakistan’s exports to US increased to $9B

WASHINGTON: According to Pakistan's Ambassador to the United States, Masood Khan, Pakistan's...