Senate panel passes bill to boost exports to int’l markets

SOEs (Governance and Operations) Bill deferred for further deliberations

ISLAMABAD: The Senate Standing Committee on Finance and Revenue on Thursday unanimously passed the Export-Import Bank of Pakistan Bill, 2022, moved by Federal Minister for Law and Justice Senator Azam Nazeer Tarar in a bid to improve export volume to international countries.

The meeting was held under the chair of Senator Saleem Mandviwalla.

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.

The Senate panel also discussed the State Owned Enterprises (Governance and Operations) Bill, 2022, moved by Federal Minister for Law and Justice Senator Azam Nazeer Tarar in detail.

State Minister for Finance and Revenue, Dr. Aisha Ghous Pasha apprised the committee that 212 SOEs are controlled and administered by 20 different divisions of the federal government whereas the IMF had highlighted the need for reforms in these enterprises in 2019 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 claimed that the country does not need a law to improve governance and alleged that the bill is intended to pave the way for privatization of different SOEs.

She added that profit making SOEs shall not be a part of this bill after which Senator Mandviwalla deferred the consideration of the bill for further deliberations till the next meeting.

Furthermore, while discussing the Limited Liability Partnership (Amendment) Bill, 2022, moved by Senator Zeeshan Khanzada, the committee 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, Dr. Aisha Pasha informed committee members that almost 50 per cent of the budget recommendations of the Standing Committee have been accepted and implemented.

- Advertisement -
Shahzad Paracha
The writer is a member of Pakistan Today's Islamabad bureau. He can be reached at [email protected]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Must Read

OGRA reduces prices of imported RLNG by up to $0.51 per...

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Monday slashed the prices of Re-gasified Liquefied Natural Gas (RLNG) on networks of the SSGCL...