PM says lower exports main problem

ISLAMABAD: Prime Minister Imran Khan has described low exports as the biggest problem of the country “because no attention was paid on increasing exports”.

Addressing the launching ceremony “Soni Dharti Remittance Scheme” for overseas Pakistanis, on Thursday, the prime minister said that although exports are expected to be highest in the ongoing fiscal year these would still be very little compared to the other countries in the region.

He further stated that country faces balance of payment problem as soon as the economy started growing and consequently, the country has to borrow from the International Monetary Fund (IMF) for balance of payment support. This is the reason that the country has taken so many Fund programme.

The premier said that the government is focussing on industrialisation and there is good growth in large scale manufacturing (LSM) despite corona, adding that as long as exports do not increase, the gap between imports and exports would be filled by overseas Pakistanis remittance.

He said that the benefit of incentives being provided by the State Bank of Pakistan (SBP) to the overseas Pakistanis in sending remittances is becoming visible in the form of increase in remittances. From overseas Pakistanis most of the investment comes in the property sector, and Roshan Digital Account (RDA) allows them to make safe invest in real estate through banks and the government will give them additional incentives and exemptions on tax.

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The prime minister said, “We should try to incentivise nine million Pakistanis living abroad for making investment in Pakistan through ease of doing business and facilitating them to send their money through banking channel. The overseas Pakistanis should be provided facilities and treated as VIP.”

Adviser to the Prime Minister on Finance Shaukat Tarin said that overseas Pakistanis, who have been helping the country to bridge gap between imports and exports through their remittance, would for the first time get reward through the scheme.

This is a small thanks to the overseas Pakistanis, the adviser added.

Governor SBP Reza Baqir said that the Central Bank’s target is to support the government policies and the new scheme being launched would target the overseas Pakistan like Roshan digital Account.

He said that overseas Pakistanis would be connected through provision of facilitates in remitting their remittances through banking channels and would get reward through “Soni Dharti Remittance Scheme”.

He said that the scheme has been designed for those overseas Pakistanis who do not have accounts or unable to open account.

Now this App would be of great help for them to send money from abroad.

Copyright Business Recorder, 2021