National Savings Organisation is capable to meeting the requirement of funds for construction of Diamer Bhasha dam and other water reservoirs if the government was facing any hardships/problems in obtaining foreign debt. This was stated by Zafar Muhammad Sheikh, Director General of National Savings while addressing the executive committee of Multan Chambers of Commerce and Industry (MCCI), chaired by its President Malik Asrar Ahmed Awan, here on Friday.
Sheikh said National Savings was being made a corporation and a bill, in this regard, would be approved soon. After that, we would be able to meet the requirements of all public and private institutions. He said National Savings was the only institution, which could help in reducing the budgetary gap and deficit. He said the organisation was a custodian of Rs 1650 billion, and was providing 12 percent interest to the account holders of Rs 1,000 to Rs 1,000 million.
He further said 688 new vacancies were being created and all the branches were going to be computerised in current financial year. 55 branches have already been computerised, he added. The DG said central directorate of the organisation was a key player in domestic debt management arena, which is manifested by its portfolio of over Rs one trillion with an extensive outreach to over 6 million valued investors who park their lifelong savings in the schemes offered by the organisation.
It goes without saying that rapid development in the financial sector in the country over the years, besides setting high standards of excellence, has made it incumbent upon us to bring about immediate reforms in our functioning so as to meet the challenges posed by the competitive environment, he noted.
In this regard, he informed prize bond scheme was being made more attractive and we are going to introduce the facility of quick foreign remittances to facilitate the overseas Pakistanis. Economic attaches: Zafar Sheikh disclosed that government was appointing economic attaches in its foreign mission who would help bring foreign capital to Pakistan. Their appointment was expected in four to six weeks, he added.
To achieve this goal, I would like to see the organisation adopt a new approach of working by providing better services to our valuable investors, extending our outreach to more countrymen in land and abroad, introducing new investment products and advanced working facilities.
This would go a long way in building up an unbreakable relationship with our valuable investors. To achieve the above objectives, I would look forward of having co-operation from all my staff members who are rendering commendable services to the organisation since long.
I would like to introduce effective training programmes to enhance their efficiency and to provide all the possible support in the discharge of their duties, he concluded. Regional Director National savings Muhammad Khalil and Director Zonal Inspection & Audit Sajid Mansoor Hafeez accompanied the DG in the meeting.
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