Commerce ministry asked to make Exim bank functional

ISLAMABAD: A senate standing committee on Thursday directed the ministry of commerce to make the Export Import (Exim) bank functional by November this year to facilitate exporters and importers of the country.

The meeting of the committee was held under the chairmanship of Senator Syed Shibli Faraz. 

“We need Exim bank (to be) functional within four months in November this year,” said the chairman of the committee after attending the briefing on Exim bank by representatives of the commerce ministry.

Faraz said it was the duty of the ministry of commerce to complete all the formalities in this regard. He added that the committee was ready to help the ministry if it had been facing any problem in making the bank functional.

He said since the finance ministry has already released 70 percent of the seed money, which is Rs7 billion during the financial year of 2015/16 this facility should be created as soon as possible.

“Had there been the Exim bank, the exporters and importers of the country would have not faced problems and issues,” he added.  He said the finance ministry would also be sent directives to facilitate an early functioning of the bank.

The committee expressed dissatisfaction over the non-implementation of the National Tariff Commission Bill 2015 and Anti-Dumping Duties Bill 2015. The committee also directed that the National Tariff Commission Bill 2015 must be implemented within 90 days (by October 30).

The chairman, while expressing dissatisfaction over the non-implementation of the bill, said about one year has passed since the bill was enacted but still there is no implementation.

He said the service and business rules must be prepared, adding that the finance ministry would also be asked to help the issue.  On this secretary commerce informed the committee that implementation of the bill was the top priority of the ministry as it was working on it on a fast pace.