President Dr. Arif Alvi passed the “Export-Import (Exim) Bank of Pakistan Bill 2022” here on Friday, opening the way for the establishment of the bank to promote trade in Pakistan.
The financial organisation Exim Bank of Pakistan works to diversify the nation’s exports. In addition to giving exporters a level playing field, it is necessary to offer innovative products for a growth in exports and foreign direct investment (FDI).
The Exim Bank Bill 2022, which was submitted to the National Assembly in 2020, was approved on June 9, 2022, and the Senate ratified it on October 1, 2022.The establishment of the EXIM Bank is anticipated to help Pakistan’s balance of payments.
There are more than 60 such organisations in the globe that offer comparable products to their sector, but Pakistan is the first country to introduce such a product with the goal of enabling an environment and level playing field for exporters located in Pakistan.
Approving further bills
In addition to the Exim Bank bill, the President also gave his approval to the “Publication of Laws of Pakistan (Amendment) Law, 2022.” The president also approved the “Diplomatic and Consular Officers (Oath and Fee Amendment) Bill 2022.” The bills were adopted in accordance with Article 75 of the Constitution.
