National Assembly passes fiscal, EXIM Bank and financial market reform bills

The National Assembly of Pakistan on Wednesday passed a series of economic and financial sector bills aimed at strengthening debt management, improving governance frameworks and supporting development of domestic financial markets.

As per news reports, State Minister for Finance Bilal Azhar Kiani presented the four economic bills before the House.

The lower house approved the Fiscal Responsibility and Debt Limitation (Amendment) Bill, 2026, the Export-Import Bank of Pakistan (Amendment) Bill, 2026, the Special Economic Zones (Amendment) Bill, 2026 and the Netting of Financial Arrangements Bill, 2026 through majority vote.

Federal Minister for National Health Services Syed Mustafa Kamal also tabled the Pakistan Nursing and Midwifery Council Bill, 2026, while Federal Minister for Housing and Works Riaz Hussain Pirzada introduced the Islamabad Capital Territory Condominium (Ownership and Management) Bill, 2026, both of which were approved by the House.

In addition, the Pakistan Air Safety Investigation Amendment Bill, 2026 and the Customs Amendment Bill, 2026 were introduced in the assembly.

According to the statement of objects and reasons attached to the Fiscal Responsibility and Debt Limitation (Amendment) Bill, 2026, the proposed changes are intended to strengthen the Debt Management Office by expanding its operational scope and improving its institutional framework.

The amendment seeks to enhance planning and execution of government debt management functions through additional resources and administrative restructuring.

Under the proposed framework, the director general and directors of the Debt Management Office will be appointed on contract for three-year terms based on prescribed qualification and experience criteria, with extensions linked to performance evaluation.

The statement attached to the Export-Import Bank of Pakistan (Amendment) Bill, 2026 said the proposed amendments were aimed at improving governance, regulatory compliance and operational efficiency of the EXIM Bank while aligning it with the legal framework applicable to state-owned enterprises.

The government said the amendments would strengthen transparency, accountability and corporate governance standards within the bank.

Meanwhile, the Netting of Financial Arrangements Bill, 2026 seeks to provide legal clarity for contractual netting and set-off arrangements used in financial transactions between banks and market participants.

According to the bill’s statement of objects and reasons, Pakistan’s financial markets have become more complex due to the introduction of new financial products and increased bilateral exposures among institutions.

The statement noted that the absence of a clear legal framework for enforcing netting rights during bankruptcy, insolvency or termination events had constrained development of domestic financial markets and limited transactions involving international counterparties.

The proposed law seeks to address these issues by recognising and facilitating enforceability of such arrangements, including agreements based on international standards such as ISDA Master Agreements.