‘Explore ways to make overseas Pakistanis VIPs’, PM tells financial group

Prime Minister Imran Khan has directed his financial group to “explore ways to provide maximum incentives to overseas Pakistanis” in a bid to draw funding and cut back stress on the present account deficit.

“We need to find ways how to facilitate [expats] so that they can invest their money and start a business in Pakistan,” the premier mentioned whereas addressing a launching ceremony of ‘Sohni Dharti Remittance Programme’ in Islamabad on Thursday.

The State Bank of Pakistan (SBP) has launched the initiative. Under the programme, abroad Pakistanis will get reward factors towards the remittances they ship by means of authorized channels.

These reward factors will allow them to avail free companies at authorities departments.

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PM Imran mentioned the one viable possibility within the quick run to cut back the commerce deficit is to extend the quantity of remittances and incentivise 9 million abroad Pakistanis in order that they ship remittances by means of the authorized channel and in addition put money into the actual property sector by means of Roshan Digital Account.

“We need to make policies to remove barriers to investment and.. make them [expats] VIPs in Pakistan so that they get return for benefiting the country,” he added.

Premier Imran mentioned Pakistan’s financial system greatest problem is sluggish export development as a result of “no government after 1960s paid attention to increasing exports”.

He added that Pakistan availed the International Monetary Fund (IMF) bailout bundle repeatedly as a result of financial development widens the present account deficit and the nation wanted {dollars} to bridge the hole.

The remittances despatched home by abroad Pakistanis surged 10.2% in October 2021 to $2.5 billion on a year-on-year (YOY) foundation owing to measures taken by the federal government and the SBO to encourage using formal channels to ship cash home.

According to the information launched by the SBP, the influx of remittances had stood at $2.three billion in the identical month final yr.

“In addition to staying above $2 billion since June 2020, this is the eighth consecutive month when remittances have been close to or above $2.5 billion,” the SBP mentioned in an announcement.

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