Picture used for illustrative purposes only.
Pakistan Prime Minister Imran Khan has said that the government will soon launch a “National Remittance Loyalty Programme” for overseas Pakistanis to provide them incentives for their contributions to Pakistan’s development.
While presiding over a meeting on foreign remittances, he highlighted the need for taking measures to provide more facilities to the Pakistanis living abroad.
The programme will be launched in collaboration with Pakistan International Airlines (PIA), Federal Bureau of Revenue (FBR), National Database and Registration Authority (Nadra), State Life Insurance Corporation (SLIC), Overseas Pakistanis Foundation (OPF), Benevolent and Old Age Employees Fund and other government agencies. The overseas Pakistanis associated with this programme will receive benefits from these institutions.
Prime Minister Imran Khan speaks during an event. File photo
Under the programme, a mobile application will be introduced and more remittance facilities will be extended to overseas Pakistanis besides provision of financial incentives.
Khan said that the overseas Pakistanis were an invaluable asset of the country as their remittances were playing a key role in stabilizing the country’s economy.
He directed the authorities concerned to devise a comprehensive strategy regarding the foreign exchange and other economic needs in view of stability of economic growth and asked the relevant ministries to set targets.
The State Bank of Pakistan (SBP) informed the meeting that the government’s policy of providing attractive incentives to Pakistanis abroad in terms of remittances was showing positive results.
The meeting was informed that Roshan Digital Account had so far received $1.561 billion in just 10 months. It was highlighted that remittances had been steadily increasing since the financial year 2018 despite the coronavirus pandemic, which reflected the confidence of overseas Pakistanis in the policies of the prime minister.
The meeting was updated on the achievements related to Roshan Digital Account, Roshan ‘Apni (own) Car’ scheme and Roshan Samaji Khidmat (social service). Also, the ‘Roshan Apna Ghar’ is on the cards to provide houses on soft loan.
The State Bank of Pakistan announced on Monday that the remittances remained above $2 billion for 8th straight month as during the corresponding month, the inflow was recorded at $2.3 billion as compared to the inflow of $1.907 billion in January 2020.
Remittances from overseas Pakistanis during December 2020 rose by 16.2 per cent year-on-year to $2.436 billion, compared to $2.097b in December 2019, clocking in above $2b mark for the seventh consecutive month, according to the latest data released by the State Bank of Pakistan.
Pakistan’s rupee dropped to an all-time low of 146.5 to the dollar on Thursday, days after Islamabad announced it had reached an agreement with the International Monetary Fund on a fresh bailout for its troubled economy.
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