ISLAMABAD – Pakistan’s caretaker Finance Minister Dr Shamshad Akhtar inaugurated the Export-Import Bank of Pakistan Exim Bank which is said to play key role in shaping the country’s trade finance infrastructure.
Dr Akhtar, a noted economist, and interim finance chief, called Exim Bank’s operationalisation a proud moment and a major milestone for Pakistan as it would bolster the banking and trade finance landscape.
Dr Shamshad Akhtar said it will attract investments, and foster broader economic growth in the country. Addressing the inauguration ceremony, Dr Akhtar further highlighted the global impact of EXIM and said these institutions disbursed a staggering 2.5 trillion dollars in trade finance last year.
Pointing out the significance of export credit loans, Dr Shamshad said it will provide competitive-rate financing to exporters, and highlighted the bank’s potential to enhance exporters’ competitiveness globally through provisions like lending, credit insurance, and guarantee services.
Minister Finance inaugurated long awaited Exim Bank today. pic.twitter.com/qJvLRwbqML
— Ministry of Finance, Government of Pakistan (@Financegovpk) December 21, 2023
FinMin further pointed out the need for streamlining export policy frameworks to contribute to the sustainability of the balance of payments, addressing historical challenges related to low levels of export earnings.
She said EXIM will introduce export insurance products in South Asian nation to protect exporters against credit default risks, empowering them to participate in international infrastructure projects.
The minister further underscored the importance of balancing export growth, risk diversification, and industry sustainability in EXIM’s operations. She highlighted its role in gradually managing export finance schemes in compliance with legal constraints.
Dr Shamshad commended the collaboration between State Bank, and EXIM and she stressed significance of EXIM adhering to international practices while playing a crucial role in disbursing global trade finance.
