Senate committee passes Export-Import Bank of Pakistan bill, 2022

August 5, 2022, (MLN): The Senate Standing Committee at Parliament House unanimously passed the bill titled "The Export-Import Bank of Pakistan Bill,2022", moved by Federal Minister for Law and Justice Senator Azam Nazeer Tarar, as per the press release issued yesterday.

Meeting of the Senate Standing Committee on Finance and Revenue was held here at Parliament House with Senator Saleem Mandviwalla in the Chair.

CEO EXIM Bank Irfan Bukhari told the committee that the bill will play a key role in boosting the exports of the country and it will also provide a level playing field to the exporters. The major aim of the bill is to provide material support to exporters in delivering their products to the international markets, he added.

Furthermore, the Senate Panel discussed in detail the bill titled "The State Owned Enterprises (SOEs) (Governance and Operations) bill, 2022, moved by Federal Minister for Law and Justice Senator Azam Nazeer Tarar.

State Minister for Finance and Revenue, Dr Aisha  Ghous Pasha apprised the committee that 212 State-owned Entities (SOEs) are controlled and administered by 20 different divisions of the Federal Government. She stated that in 2019 IMF highlighted the need for reforms in (SOEs) and the bill is aimed at improving efficiency in governance and transparency of (SOEs). It will also create a linkage between different (SOEs) which will play an effective role in timely decision-making, she added.

Senator Saadia Abbasi opposed the action of the bill claiming that we do not need a law to improve governance and the bill doesn't aim at improving governance but it is to pave the way for the Privatization of different (SOEs). She also added that the profit-making (SOEs) shall not be part of this bill.

Senator Saleem Mandviwalla deferred the consideration of the bill for further deliberations till the next meeting.

Senator Zeeshan Khanzada also discussed the bill "Limited Liability Partnership (Amendment) bill,2022, Committee further amended the time period for the payment of default fee after the expiry date of any document or return to be filed from Rs5,000 per day to Rs5,000 per month.

In addition to that, Aisha Ghaus Pasha informed the committee members that almost 50 p.c. of the Budget recommendations of the Standing Committee have been accepted and implemented.

The meeting was attended by Senator Saadia Abbasi, Senator Sherry Rehman, Senator Faisal Saleem Rehman, Senator Zeeshan Khanzada, Senator, Mohsin Aziz, State Minister for Finance and Revenue Dr Aisha Ghous Pasha, Additional Secretary Ministry of Finance and Revenue Awais Manzur Sumra, Senior, Joint Secretary Ministry of Finance and Revenue Sajid Mehmood Qazi, Chairman FBR Asim Ahmad, CEO EXIM Bank Irfan Bukhari and other senior officers of the ministry of finance and revenue and Securities and Exchange Commission of Pakistan(SECP) as well.

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