Section 18: International financial obligations, etc

18. International financial obligations, etc.—Notwithstanding anything contained in this Act or any decision of any court, till an alternative economic system is introduced, financial obligations incurred and contracts made between a National Institution and a Foreign Agency shall continue to, remain, and be, valid, binding and operative. Explanation.—In this section, the expression “National Institution” shall include the Federal Government or a Provincial Government, a statutory corporation, company, institution, body, enterprise or any person in Pakistan and the expression “Foreign Agency” shall include a foreign government, a foreign financial institution, foreign capital market, including a bank and any foreign lending agency, including an individual and a supplier of goods and services.

Effective date: 1991-01-01

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