ISLAMABAD: Prime Minister Imran Khan Friday launched Roshan Apna Ghar Programme of the State Bank of Pakistan (SBP), stating that participation of overseas Pakistanis in the Roshan Digital Account (RDA) and Roshan Apna Ghar would help government contain the current account deficit, which may widen in the face of economic activity.
Speaking at the launch of “Roshan Apna Ghar Scheme of SBP,” the premier termed the overseas Pakistanis the biggest asset but regretted that unfortunately, their full potential was not exploited except remittances.
“This new product of the SBP would be a game changer,” said the prime minister, adding that soon after coming to power his thinking was how to benefit from overseas Pakistanis expertise and wealth.
The premier said that his government was to invite overseas experts and professionals to Pakistan but unfortunately, the environment was not congenial owing to challenges of ease-of-doing business and prevalent corruption.
The prime minister also mentioned how land mafia was involved in grabbing properties that were purchased by overseas Pakistanis in Pakistan, and stated that his government was at war against land mafia.
PM pledges incentives for overseas Pakistanis
The premier said that Roshan Apna Ghar would be guaranteed by the bank and overseas Pakistanis would have no fear that their land would go into the hand of land mafia as banks would be behind these properties.
Overseas Pakistanis would also be able to take loans from banks, added the prime minister, while emphasising that there is a need of constant thinking how to attract the overseas Pakistanis investment in the country for which his government would be ready to provide them facilitates.
Earlier, speaking at the ceremony, the finance minister acknowledged the dedication of the SBP to prepare and launch this scheme.
He said that this would be a game changer because every overseas Pakistani would like to purchase house by using loans of the banks.
He said that overseas Pakistanis would take loans from the banks to start constructing their houses, which means that Rs29 billion would be protected.
If overseas Pakistanis take loans and start constructing their houses, they would start making repayment of instalments to the banks for the loan they have taken thereby this money would be protected.
SBP launching ‘Roshan Apna Ghar’ scheme for expats
Governor SBP Dr Reza Baqir said that there are big names from real estate sector are present in the ceremony and “I would request them to advertise and market the Roshan Apna Ghar programme because at the end of the day it would benefit you.”
The SBP has made the needed framework, he said, adding that as the banks have increased RDA to $2 billion it would request them to take ahead Roshan Apna Ghar as well.
He said that the SBP would provide every support to the officials designated in embassies, who should be fully briefed for satisfactory response to the queries of overseas Pakistanis about the scheme.
The prime minister, the finance minister and the governor SBP distributed shields among top three performing banks in Roshan Digital Account (RDA) journey from $1 billion to $2 billion with Meezan Bank at number one position followed by the HBL and Bank Alfalah.
Copyright Business Recorder, 2021