ISLAMABAD– Web Desk: The government has constituted a new 22-member Board of Administrators for the Export Development Fund (EDF), aiming to enhance transparency and expand private sector participation in the management of export-related funds.
According to an official notification, the board will have a majority representation from the private sector, while six members will represent the government. The move follows recent amendments to the EDF Act designed to strengthen oversight of the fund and limit bureaucratic control over its operations.
Chief Executive Officer of Service Long March Tyres Limited, Umar Saeed, has been appointed as the new chairman of the board. Previously, the position was held by Federal Minister for Commerce Jam Kamal Khan, while the Commerce Secretary served as vice chairman. Both roles have been abolished under the recent legal changes.
The amendments were introduced last month following recommendations from a panel constituted by the Prime Minister. The reforms are intended to ensure stricter monitoring of fund utilization and to align governance practices with international standards.
The Export Development Fund currently holds approximately Rs 52 billion. The fund was previously financed through a 0.25 percent surcharge imposed on exporters, which has since been abolished by the government. The Prime Minister has also directed that the fund undergo an independent third-party audit in line with global best practices.
Officials say the restructuring is part of broader efforts to improve export competitiveness, enhance accountability, and modernize trade-related institutions in Pakistan.
