The Export Import Bank of Pakistan (EXIM Bank), which started its formal operations in October last year, is still without a board of directors.

EXIM Bank’s CEO and President Syed Irfan Bukhari informed the Senate Committee on Finance and Revenue that it is unlikely that the board of directors will be constituted even by the end of the year.

Bukhari said that the bank was set up to increase imports and narrow the trade deficit. The committee directed the government to appoint the board of directors.

In October 2022, President Dr. Arif Alvi approved the “The Export-Import Bank of Pakistan Bill, 2022”, clearing the way for the establishment of the bank for the promotion of trade in Pakistan.

EXIM Bank 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.

Source: Pro Pakistani