ISLAMABD: Finance Ministry uploaded trade and competitiveness draft export import (Exim) Bank Act 2020 on its website on Thursday, saying the banks was being established for promotion and development of international trade.
statement of objects and reasons stated that the government has taken several initiatives for the promotion and development of international trade as well as export-oriented industries and import substitutions in the national economic interests.
The government, in continuation of its efforts to reforms, and in line with best international practices, is now seeking to establish EXIM bank, as the national export credit agency for the promotion, expansion and diversification of international trade by providing, guarantee and insurance products as well as ancillary services to exporters and importers in terms of a statutory corporation that has the backing and support of the government as is customary for export credit agencies to achieve their desired potential and objectives.
The banks would maintain proper accounts and other records to reflect a true and fair view of its state of affairs and prepare quarterly, half yearly, and annual statement of accounts in accordance with the prudential regulations, and any regulations prescribed by the board.
The statement of accounts of the bank would be approved by the board and would be signed by the chairman and the president, or in absence of the chairman by the president or any two directors. The annual statement of accounts of the bank would be audited each financial year by an independent external auditor appointed in accordance with the directions of the State Bank of Pakistan as applicable to the bank and any regulations prescribed by the board. The board would appoint a dually qualified firm of chartered accountants.
The Board of the Bank would consist of seven (7) Directors, including the president, who would be appointed as follows: (a) Chairman, Board of Investment, Chairman and Official Ex-Officio Director, (b) Secretary, Ministry of Commerce, Official Ex-officio Director, (c) Additional Secretary, Ministry of Finance, Official Ex-officio Director. Three directors would be appointed by the federal government from the private sector in accordance with section 17, private sector directors; and the president to be appointed by the Board from the private sector in accordance with section 15 of this Act.
Copyright Business Recorder, 2020
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