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Business & Finance

Until exports increase, Pakistan need to close gap with remittances: PM

  • He was hopeful that the introduction of two new products including the Roshan Apni Car and Roshan Samaji Khidmat to increase the participation of Overseas Pakistanis will be successful.
Published April 29, 2021

Prime Minister Imran Khan has said that the lack of emphasis on Pakistan’s exports has become the biggest impediment to the country’s growth.

Prime Minister Imran Khan in his address congratulated the State Bank of Pakistan as the Roshan Digital Account (RDA) crosses the $1 billion landmark.

He was hopeful that the introduction of two new products including the Roshan Apni Car and Roshan Samaji Khidmat to increase the participation of Overseas Pakistanis will be successful.

PM said that the central bank should seek the services of Finance Minister Shaukat Tarin, who specializes in marketing. PM said that over 9 million Pakistanis are working abroad and if we are able to tap a fraction of them, for example reaching two million Overseas Pakistani the figures of RDA could skyrocket.

“There is a lot of untapped potentials and we need to think out of the box as this is something which will cushion us," he said.

PM Khan said that the problem of Pakistan is that we didn't emphasize increasing our exports, which became the biggest impediment to the growth of the country. “What used to happen was whenever our growth rate improves the pressure on current account also increased,” said Khan.

He said that until we bring our exports to the level of our imports we have only one option and that is to tap our Overseas Pakistani asset to close this gap.

PM said record remittances have come in the last year, all records have been broken, however, this too is a tip of an iceberg.

Highlighting the construction sector, PM said that the banks will have to train its staff to lend to common people. "Our banks are not in the habit of lending to common people," Prime Minister said.

The Prime Minister said the country had to go to the International Monetary Fund (IMF) due to a lack of growth in exports and shortage of dollars.

Talking about the plight of Overseas Pakistanis, PM Khan said that he had come to know that Pakistan's embassy in Saudi Arabia mistreated Pakistani labor. He said that an inquiry team has been set up and actions will be taken against those found responsible.

Addressing at the ceremony Governor SBP Dr. Reza Baqir said that the central bank would strive to bring more convenience to Overseas Pakistanis under RDAs.

He said that markup subsidy is being given to the common man as per the directive of the Prime Minister.

Baqir said that they are working towards changing the financial system of the country. Baqir informed that under the Rosghan Apni Car scheme, Overseas Pakistanis can buy a car from abroad at a low interest rate.

He said Roshan Samaaji Khidmat will provide a platform to the overseas Pakistanis to conveniently give their donations and Zakat.

He said more such products will also be launched in future to facilitate the overseas Pakistanis.

In the housing sector, banks have been lending Rs 150 billion year after year, Governor SBP said. However, banks are now lending Rs 200 billion in the housing sector.

The Governor SBP said our aim is to transform the financial system that facilitates the common man including those associated with the SMEs and the agriculture sector.

Earlier, in a series of tweets, Senator Faisal Javed said that the RDA was launched seven months ago, with the objective of connecting NRPs to Pakistan's Banking System completely digitally.

"Today more than 120,000 accounts have been opened from 170 countries around the world and more than 1 Billion Dollars have been received. Investment in Naya Pakistan Certificates has crossed 646 Million Dollars. Investment in Stock Exchange through RDA has crossed PKR 1.6 Billion," he stated.

He maintained, "This milestone is a testament to the faith that NRPs have in Pakistan and PM Imran Khan-led PTI Govt. To enrich the Roshan Digital Account scheme further, today 2 new initiatives are being launched for RDA holders: Roshan Apni Car and Roshan Samaaji Khidmat."

He said the "Roshan Apni Car" scheme will enable overseas Pakistanis to buy cars for their loved ones at very attractive rates.

"Now RDA holders can avail financing under #RoshanApniCar at very attractive terms to purchase a car for their loved ones in Pakistan. Banks are offering both conventional & Islamic modes of financing at attractive mark-up rates starting from 7% with priority delivery," he wrote.

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