Exim Bank begins journey to foster exports, says Shamshad Akhtar

While launching the Exim Bank of Pakistan (EBP), Caretaker Finance Minister Dr Sha­mshad Akhtar on Thursday ann­o­un­ced the export fin­ance schemes (EFSs) would stand transferred to the new institution after being pha­sed out from the State Bank of Pak­istan (SBP) because of legal compulsions. The minister said EFSs were being phased out from the SBP under the reforms programme as part of the IMF programme and the management of those schemes would be separated from the SBP. She said the operations and management of EFSs would now be the responsibility of the Exim Bank while the SBP would monitor the scheme and perform regulatory functions like eligibility and disbursement mechanisms. The operationalisation of Exim Bank “is a proud moment and a major milestone” for the country as it would augment the banking and trade finance landscape, she said, adding similar institutions had disbursed a staggering $2.5 trillion in trade finance last year, substantially fostering exports across over 60 countries and boosting export investments.