Pakistan forms PM relief fund for Turkiye's earthquake victims

The government has established a relief fund called the ‘Prime Minister’s Relief Fund for Turkiye's Earthquake Victims', to generate funds for Turkiye, which was rocked by a 7.8 magnitude earthquake on Monday.

As per a circular released by the State Bank of Pakistan (SBP) on Wednesday, the fund shall accept donations both from domestic and international sources.

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The fund will be administered by the National Disaster Management Authority (NDMA) while the Accountant General Pakistan Revenue will maintain accounts.

As per the central bank’s circular, all commercial and microfinance banks shall open an account of the fund and shall receive donations in cash, through cheques, payorder and demand drafts, at all branches across the country.

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Domestic donors can make contributions in cash at any branch of any bank in Pakistan, which shall transfer the consolidated amount to the fund's account at SBP through real-time gross settlement on a daily basis.

Donations can also be made at any of the field offices of SBP Banking Services Corporation.

Banks have also been told to make available a drop box facility at selected branches for donors who may want to drop off crossed cheques.

Domestic donors can also use online and mobile banking, ATMs and mobile wallets to donate through InterBank Fund Transfer Facility (IBFT) or Raast.

Meanwhile, overseas donors may donate to the fund through wire transfer and Money Transfer Operators like MoneyGram and Western Union.

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“Banks shall maintain the details of individual donors i.e. name of donor the amount of his/her contribution, mode of payment etc., with them and shall be made available to SBP as and when needed. The banks shall also share details of individual donors, amount of their contribution and mode of payment on weekly basis with the NDMA,” SBP said.