Exim Bank needs another year to function properly

Author: Shahzad paracha

ISLAMABAD: Business community will have to wait for another year to see the Export-Import (Exim) Bank of Pakistan function properly.

Daily Times has learnt that the government has decided to take technical assistance from the Asian Development Bank (ADB) to operationalise Exim Bank of Pakistan after the indigenous manpower has failed to run the bank properly.

According to sources, the decision to this effect came after a meeting of the bank’s board members held last Monday for which the Economic Affair Division would finalise legal requirement.

The bank was incorporated with the Security Exchanges Commission of Pakistan (SECP) on June 11, 2015 under the Companies ordinance, 1984. Since 2015, the government is trying hard to run the bank’s affairs but it has failed to do so. Recently, the State Bank of Pakistan (SBP) has deputed five officers, including the Exim Bank CEO, for a period of three years for the bank’s assistance.

But, sources added, neither the government procured any building for the bank nor had it finalised the monogram and website. Earlier, it was decided to establish the main office of the bank in Lahore.

A sum of Rs Rs 7 billion were released for the bank during the fiscal year 2015-16 and Finance Minister Ishaq Dar had announced to release of the remaining Rs 3 billion during the first quarter ofthe current fiscal year, but due to non-finalisation of the bank’s building, funds could not be earmarked.

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