MoF asked to redraft Export Import Bank of Pakistan

ISLAMABAD: The National Assembly Standing Committee on Finance on Wednesday recommended the Ministry of Finance to redraft the Export Import Bank of Pakistan (Amendment) Bill, 2026 based on observations of the committee members.

The 22nd meeting of the Standing Committee on Finance and Revenue was held on Wednesday under the Chairmanship of Naveed Qamar, MNA.

Secretary, Ministry of Finance informed the committee that the Export-Import Bank of Pakistan (Amendment) Act, 2025 (the “Bill”) has been introduced to strengthen the governance, management, and oversight framework of the Export-Import Bank of Pakistan by aligning it with the State-Owned Enterprises (Governance and Operations) Act, 2023 and applicable regulatory standards of the State Bank of Pakistan.

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The Bill introduces new definition of “independent director,” and removes obsolete provisions to ensure conceptual clarity. The Act explicitly incorporates the applicability of the SOE Act and establishes its overriding effect, subject to limited exceptions relating to the appointment and powers of the President and certain operational provisions.

The Bill introduces a performance-based framework for the appointment, tenure, evaluation, resignation, and removal of the President of the Bank, subject to fit-and-proper criteria and enhanced Board approval thresholds, including mandatory participation of the ex-officio director representing the Ministry of Finance.

Overall, the Bill aims to improve corporate governance, regulatory coherence, operational efficiency, and oversight of the Export-Import Bank of Pakistan, ensuring consistency with prevailing SOE governance frameworks and prudential regulatory standards, Secretary Finance added.

The committee considered the Export Import Bank of Pakistan (Amendment) Bill, 2026. During the clause-by-clause consideration of the proposed draft, the Committee expressed its serious concerns with regard to certain provisions contained therein.

After detailed deliberation, the Committee recommended that the Bill be redrafted in the light of the observations and recommendations made by the Members during the meeting. Accordingly, further consideration of the Bill was deferred till the next meeting, with the direction that a revised draft be submitted well in advance for the committee’s consideration.

The committee formally recorded that consensus had been achieved between the Government and the Committee with regard to the Netting of Financial Arrangements Bill, 2025 (Government Bill), and the Parliamentary Budget Office Bill, 2025, moved by Rana Iradat Sharif Khan, MNA.

In order to give due effect to the understanding so reached, the Committee directed the Ministry of Finance to furnish a duly revised, corrected and updated draft of the said Bills, incorporating the observations and recommendations expressed during earlier deliberations, for placement before the Committee in its next meeting. Accordingly, further consideration of the aforesaid agenda items was postponed to the next meeting.

The committee considered the Companies (Amendment) Bill, 2026, moved by Shazia Marri, MNA. During detailed deliberations, the Committee observed that a similar Bill, seeking to achieve substantially the same objective, had recently been considered and passed by the Committee and, after its passage by the National Assembly, is presently pending before the Senate.

In that view, the Committee was of the opinion that the instant Bill may result in duplication of the earlier legislative initiative.

However, the mover maintained that her Bill is distinct in scope and intent, particularly inasmuch as it seeks to make Corporate Social Responsibility (CSR) expenditure a mandatory requirement for private sector entities.

After discussion, the committee directed the Ministry concerned to furnish comprehensive data regarding the quantum and pattern of CSR spending by private entities, and to provide the same to the mover for further consideration. Accordingly, further consideration of the Bill was deferred till the next meeting.

The committee considered the Public Sector Development Programme (PSDP). However, owing to paucity of time, detailed and comprehensive deliberations thereon could not be undertaken.

Keeping in view the statutory obligation, as prescribed under the relevant Rules, requiring the Committee to make its recommendations before the 1st of March of the financial year, the Committee was constrained to recommend that the PSDP be approved at this stage.

It was, however, expressly recorded that detailed deliberations on the PSDP shall be undertaken in a subsequent meeting, and the Ministry concerned shall be required to furnish further information and clarifications as may be sought by the committee during such future consideration.

Members/MNAs, Rana Iradat Sharif Khan, Zeb Jaffar, Muhammad Usman Awaisi, Bilal Farooq Tara, Hina Rabbani Khar, Mr. Muhammad Jawed Hanif Khan, Dr. Mirza Ikhtiar Baig, Dr. Nafisa Shah, Sharmila Sahiba Faruque Hashaam, Shahida Begum, Sami ul Hasan Gilani, Ali Zahid, Shazia Marri, besides the Minister of Finance and Revenue, Minister of State for Finance and Revenue, Secretary, Finance, Chairman FBR, along with their staff attended the meeting.

Copyright Business Recorder, 2026