President signs ‘Export-Import Bank Bill, 2022’ into law

Updated 15 Oct, 2022

ISLAMABAD: President Dr Arif Alvi on Friday signed, “the Export-Import Bank of Pakistan Bill, 2022” into law after its passage by the Parliament.

The president also gave his assent to two other bills, “Publication of Laws of Pakistan (Amendment) Bill, 2022” and “Diplomatic and Consular Officers (Oath and Fee) Amendment Bill, 2022”.

President Alvi assented the said three bills under Article 75 of the Constitution.

Now, after this law, the way will be open for the establishment of the bank to promote trade in Pakistan.

According to law, the Export-Import Bank of Pakistan would be established for the purpose of – “(a) supporting, promoting and developing international trade, trade investments, export-oriented and imported substituting business and industries in accordance with the provisions of this Act and the national trade policies and programs of the federal government; (b) the administration, operation and management of such international trade schemes as may be transferred or outsourced to the Bank by the federal government or any of its agencies, or the State Bank, as a trustee, agent, or service provider, on such terms and conditions as may be prescribed through the rules under this Act.”’

Senate approves bill to establish Export Import Bank of Pakistan

Under this law, the Export-Import Bank of Pakistan will be established. The bank will obtain reinsurances from any foreign agencies or any insurance companies in or outside Pakistan. The bank will also provide its own or with other financial institutions or insurance providers in or outside Pakistan, trade financing, trade credit insurance and equity participation.

According to clause 7 of the bill related to borrowing, “The bank may, for the purpose of the bank’s business, borrow in local or foreign currency on such terms and conditions as may be prescribed by the Board and subject to the provision of other laws, from the following sources, namely- (a) the federal government, (b) international, bilateral and multilateral agencies, (c) financial institutions, (d) the public by issuing, on its or through a wholly-owned or controlled subsidy, securities in or outside Pakistan; or (e) through such other means as may be permitted under the prudential regulations or is otherwise approved by State Bank.”

Copyright Business Recorder, 2022

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