NA finance panel seeks redrafting of Export-Import Bank amendment bill

The National Assembly Standing Committee on Finance and Revenue on Wednesday recommended that the Ministry of Finance redraft the Export-Import Bank of Pakistan (Amendment) Bill, 2026 after members raised concerns during clause-by-clause review.

The 22nd meeting of the committee was held under the chairmanship of Naveed Qamar, MNA. After detailed deliberations, the committee directed the ministry to submit a revised draft incorporating members’ observations well before the next meeting, and deferred further consideration of the bill.

The Finance Ministry informed the committee that the amendment bill seeks to strengthen governance and oversight of the Export-Import Bank of Pakistan by aligning it with the State-Owned Enterprises (Governance and Operations) Act, 2023 and regulatory standards of the State Bank of Pakistan.

The proposed amendments introduce a definition of “independent director” and remove outdated provisions. The bill also provides for application of the SOE Act, with limited exceptions relating to the appointment and powers of the president and certain operational matters.

Under the draft, a performance-based framework has been proposed for the appointment, tenure, evaluation, resignation and removal of the bank’s president, subject to fit-and-proper criteria and enhanced board approval requirements, including participation of the ex-officio director representing the Ministry of Finance.

The committee also recorded that consensus had been reached between the government and the panel on the Netting of Financial Arrangements Bill, 2025 and the Parliamentary Budget Office Bill, 2025. The ministry was directed to provide updated drafts reflecting earlier recommendations before the next meeting.

The Companies (Amendment) Bill, 2026 was also taken up. The committee noted that a similar bill had already been passed by the National Assembly and is pending before the Senate, raising concerns about duplication.

However, the mover maintained that her bill differs in scope and seeks to make corporate social responsibility spending mandatory for private sector entities. The committee directed the relevant ministry to provide detailed data on CSR spending patterns by private companies, and deferred further consideration.

The committee briefly reviewed the Public Sector Development Programme but, due to time constraints and a statutory deadline to submit recommendations before March 1, recommended its approval at this stage. It recorded that detailed deliberations would be undertaken in a subsequent meeting.