President Dr. Arif Alvi has approved the “Export-Import (Exim) Bank of Pakistan Bill 2022” here on Friday, clearing the way for the establishment of the bank for the promotion of trade in Pakistan.
Exim Bank of Pakistan is a financial institution geared toward the diversification of the country’s exports. It is mandated to provide innovative products for an increase in exports and foreign direct investment (FDI) besides providing a level-playing field to exporters.
The Exim Bank Bill 2022, tabled in 2020 in National Assembly, was passed on 9th June 2022, after which, it was ratified by the Senate on 1st October.
About the EXIM Bank, its enactment is expected to help improve balance of payment position of Pakistan. There are over 60 such agencies in the world, providing similar products to their industry, and it’s for a first that Pakistan has introduced such product aiming to provide an enable environment and level-playing field to Pakistan based exporters.
Besides the approval of the Exim Bank bill, the President also approved the “Publication of Laws of Pakistan (Amendment) Bill, 2022.”
The President also approved the “Diplomatic and Consular Officers (Oath and Fee Amendment) Bill 2022.” The bills were approved under Article 75 of the constitution.
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