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ISLAMABAS: The National Assembly on Thursday passed the The Export-Import Bank of Pakistan Bill with majority vote aimed at establishing a facility for the promotion of international trade.
The bill, moved by Minister of State for Finance and Revenue, Dr Aisha Ghaus Pasha, was passed by the lower house after clause by clause reading.
According to a statement, 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.
In March this year, the National Assembly Standing Committee on Finance approved the Exim Bank of Pakistan Bill 2021 and sought a complete record of the institution’s business plan and amounts paid to consultants via external funding.
A meeting of the Standing Committee on Finance of the National Assembly was held under the chairmanship of Faizullah Kamuka in Islamabad p After detailed discussions, the NA committee approved the Exim Bank bill.
Exim Bank CEO Irfan Bukhari said the new bank would be the 64th of its kind in the world.
The Bank will be located in Islamabad and its establishment is expected to boost the country’s exports. Overall, imports and exports will be supported financially by the Bank.
