Pakistan’s Exim Bank to be set up through executive order

(Business Recorder, Karachi, 17 January 2015) Pakistan has reportedly decided to establish the much-delayed EXIM Bank through an Executive Order after formal approval of Prime Minister Nawaz Sharif. This decision was taken at a meeting on January 8, 2015 held by the Ministry of Finance with representatives from the Ministry of Commerce, the State Bank of Pakistan (SBP) and the Securities & Exchange Commission... The proposal to set up an EXIM Bank was part of the Strategic Trade Policy Framework (STPF) 2012-15 approved by the PPP government. However, the decision has yet to be implemented. Additional Finance Secretary briefed the meeting on the work done so far and shared a draft law prepared by the Ministry of Finance. The Finance Secretary emphasised that the Exim Bank is a budgetary initiative and should have been established by now with at least a basic structure in place.