Cabinet panel approves EXIM Bank procurement policy, clears board appointments

The Cabinet Committee on State-Owned Enterprises on Tuesday approved the Procurement Policy of the Export-Import Bank of Pakistan 2025, aimed at streamlining the bank’s procurement processes and strengthening governance.

The meeting, held at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, reviewed the proposed policy and cleared it after finding it aligned with the State-Owned Enterprises Act, 2023, Public Procurement Regulatory Authority rules, and global standards set by the Chartered Institute of Procurement and Supply.

The committee was attended by senior officials from relevant ministries, divisions, and regulatory bodies, while the federal minister for maritime affairs joined the meeting virtually.

In addition to the EXIM Bank policy, the committee approved several agenda items submitted by the Ministry of Commerce. These included filling one vacant position of independent director and appointing a chairman of the board at National Insurance Company Limited, appointing an independent director to the board of State Life Insurance Corporation, and filling one of two vacant independent director positions on the board of the Trading Corporation of Pakistan.

The committee also reviewed a business plan presented by the Ministry of Inter-Provincial Coordination concerning the Pakistan Tourism Development Corporation. It approved the proposal to retain PTDC’s core functions through a lean, right-sized structure operating as a centre of excellence to promote brand Pakistan, support tourism policy, and facilitate coordination and marketing.

However, the committee directed the ministry to submit a separate proposal, in coordination with the Law Division, on funding arrangements for the proposed entity and the management of existing PTDC assets.