KARACHI: The Economic Coordination Committee (ECC) of Pakistan’s federal cabinet has approved the phasing out of long-term financing to the country’s Export-Import Bank of Pakistan, or Exim Bank, the Finance Division said on Friday.
The statement came after Finance Minister Muhammad Aurangzeb presided over a meeting of the ECC to review proposals and summaries with regard to various departments and ministries.
Among other agenda items, the forum discussed a summary presented by the Finance Division regarding the phasing out of the State Bank of Pakistan’s long-term financing facility (LTFF) to Exim Bank.
“The ECC decided that the SBP’s LTFF portfolio of PKR 330 billion would be phased out to the Exim Bank, with an allocation of PKR 1.001 billion through a Technical Supplementary Grant to meet the LTFF subsidy requirement for the new portfolio for FY 2025,” the Finance Division said.
EXIM Bank of Pakistan’s mandate is to catalyze the growth and diversification of the country’s exports and to support the implementation of import-substitution projects. It provides a level playing field to Pakistani exporters to compete with international exporters who already rely on their national Export Credit Agencies or EXIM Banks.
EXIM Bank of Pakistan meets its requirements by providing credit, insurance and lending products, designed to enhance the overall credit risk appetite in Pakistan. It also supports the implementation of manufacturing facilities and infrastructure projects in Pakistan to facilitate import substitution, saving the drain of valuable foreign exchange from Pakistan.
Pakistan’s Prime Minister Shehbaz Sharif has repeatedly said his government is prioritizing exports to ensure sustainable economic growth for the country’s fragile $350 billion economy. Sharif has recently said his government aims to increase Pakistan’s exports to $60 billion in five years.
The South Asian country is trying to stabilize its economy through sustainable reforms agreed with the International Monetary Fund (IMF) in exchange for a financial bailout program.
Pakistan approves phasing out of long-term financing to Exim Bank
https://arab.news/4sbfz
Pakistan approves phasing out of long-term financing to Exim Bank
- Export-Import Bank of Pakistan aims to catalyze growth and diversification of the country’s exports and to support the implementation of import-substitution projects
- It provides a level playing field to Pakistani exporters to compete with international exporters who already rely on their national Export Credit Agencies or EXIM Banks
Pakistan military says ex-PM Khan’s narrative has become ‘threat to national security’
- Military spokesperson responds to Khan’s fresh criticism of Pakistan’s powerful army chief, whom he accuses of denying him basic rights
- Lt. Gen. Ahmed Sharif Chaudhry warns army will “come bare knuckle” if Khan and his party do not desist from attacking military leadership
ISLAMABAD: Pakistan military spokesperson Lt. Gen. Ahmed Sharif Chaudhry said on Friday that former prime minister Imran Khan’s narrative against the armed forces has become a “national security threat,” warning him and his party to keep the army out of political statements.
Chaudhry’s criticism comes in response to Khan’s latest statement, released by his account on social media platform X on Thursday, in which he blamed Chief of Defense Forces Field Marshal Asim Munir for “the complete collapse of the constitution and rule of law in Pakistan.”
Khan, who was ousted via a parliamentary vote in April 2022, blames the country’s powerful army for colluding with his political rivals to keep him away from power. He blames the military and the incumbent government for keeping him in solitary confinement in a central prison in Rawalpindi. Pakistan’s military and the government have strongly rejected his claims.
“It may seem to you a bit strange coming from me this because that person [Khan] and the narrative he is pushing, it has become a national security threat,” Chaudhry told reporters at a news conference.
“And that is why it is very important that we come clear, without any ambiguity, without any doubt. We need to come clear and we need to say what needs to be said,” he added.
Throughout the press conference, Chaudhry kept referring to the former prime minister as a “mentally ill” person. He played video clips of Indian news channels and Afghanistan’s social media accounts promoting Khan’s statements against the military.
“Why would they not do it? Because sitting in your country, a mindset, a mentally ill person sitting here is saying these things against the military and its leadership,” he said.
The military spokesperson warned Khan and his party against criticizing the military. He added that while the military welcomes constructive criticism, it should be kept away from political statements.
“If someone for the sake of his own self, his delusional mindset and narcissistic thinking attacks this armed forces and its leadership, then we will also come bare knuckle,” he warned.
“There should be no doubt on that.”
Khan, who remains in prison on a slew of charges that he says are politically motivated, continues to be popular among the masses.
His Pakistan Tehreek-e-Insaf (PTI) party has frequently led rallies to demand his release from jail, including one in May 2023 and another in November 2024 that saw clashes with law enforcement personnel.
While the former prime minister continues to remain behind bars, rallies organized by the PTI still draw thousands of people across the country and his party still enjoys a sizable following on social media platforms.
