Tuesday, September 27, 2022
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Lower exports, according to the PM, are the fundamental issue

ISLAMABAD: Low exports are the country’s largest challenge, according to Prime Minister Imran Khan, “because little attention was paid to expanding exports.”

On Thursday, Prime Minister Nawaz Sharif addressed the “Soni Dharti Remittance Scheme” inauguration event for abroad Pakistanis, saying that while exports are likely to be highest in the current fiscal year, they would still be small in comparison to other nations in the area.

Also read: PM Imran Khan says the government is taking urgent initiatives to boost economic activity

He went on to say that the country has had a balance of payment problem since the economy began to expand, and that as a result, the country has had to borrow money from the International Monetary Fund (IMF) to help with the situation. This is why the country has enrolled in so many of the Fund’s programmes.

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.

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.

Also read: PM: The government is incentivizing the building industry to support low-income citizens

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.

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