Exim Bank’s revival govt’s top priority, says finance minister

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has said that revival of Export and Import (Exim) Bank is government’s top priority because this bank’s role is crucial for the export-led economic growth, reported 24NewsHD TV channel.

Briefing the Senate’s Standing Committee on Finance in Islamabad on Monday, Aurangzeb said that the Exim Bank will play a vital role in enhancing country’s exports during the next two to three years.

Senator Salim Mandviwala, who chaired the meeting, said that Exim Bank’s chief executive officer has not been appointed since two-three years and the bank’s board was constituted after two years.

Mandviwalla said “Exim Bank’s state of affairs is very fragile.”

The finance minister further said that Pakistan is committed to follow the IMF load programme because the growth under this programme becomes organized and strong. “Three years ago accelerator was applied on the growth after which the balance of payments pressure multiplied. Now we will not press the accelerators no matter how intense the pressure would.”

Briefing the meeting, State Bank of Pakistan (SBP) Governor Jamil Ahmad said the Monetary Police Committee has adopted strict policy to bring the inflation under control.

“Drop in inflation led to reduction in the policy rate. The medium-term inflation is expected to remain between five to seven percent,” the SBP governor said.

Mandviwala maintained that 13 percent policy rate must go down further keeping in view the falling inflation.

Reporter Waqas Azeem