PM Imran unveils two new schemes for overseas Pakistanis

Prime Minister Imran Khan on Thursday announced two new schemes for overseas Pakistanis who have Roshan Digital Accounts (RDA).

Imran underlined the need for further enhancing the foreign remittances by tapping the immense potential of overseas Pakistanis.

He was addressing a ceremony in Islamabad in connection with Roshan Digital Account crossing one billion dollars in deposits and launch of Roshan Apni Car and Roshan Samaaji Khidmat products.

Imran pointed out that Pakistan received record remittances over the last one year. He, however, said this is only a tip of the iceberg. He said until and unless we enhance our exports, we will have to think out of box and bring innovative ideas to woo the overseas Pakistanis to send their remittances to Pakistan. This, he said, will help us handle the issue of the current account deficit.

The prime minister termed the deposits of one billion dollars in Roshan Digital Account in a matter of seven months as a landmark achievement, expressing the confidence that other two products Roshan Apni Car and Roshan Samaaji Khidmat will also meet the success.

He said that nine million Pakistanis are abroad and they are our biggest asset which have kept the economy afloat. He said our laborers are very diligent who work day and night to financially support their families back home. He asked the embassies to provide better services to the labor class.

The premier said a high powered investigation has been ordered into the bad conduct of our embassy in Saudi Arabia with the Pakistani laborers and workers.  He said those found involved in extorting and mistreating Pakistani laborers will be given exemplary punishments.

The prime minister said that the ambassador and the personnel posted at the Pakistan embassy in Saudi Arabia has been called back and an inquiry ordered against them for misbehaving with Pakistanis working there. He said a stern action would be taken against those responsible.

In his remarks, State Bank of Pakistan (SBP) Governor Reza Baqir said the success of Roshan Digital Account is the success of Pakistan and the vision of Prime Minister Imran Khan.

Referring to the new products being launched under Roshan Digital Account, he said under Roshan Apni Car, overseas Pakistanis will be able to purchase cars for their family members or friends in Pakistan at attractive markup rates. 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. "Our aim is to transform the financial system that facilitates the common man including those associated with the SMEs and the agriculture sector.”

Ruling party senator Faisal Javed tweeted that on Thursday 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. Investment in Stock Exchange through Roshan Digital Account has crossed Rs1.6 Billion.

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 and Islamic modes of financing at attractive mark-up rates starting from 7% with priority delivery," he wrote.

The senator said it was now possible for overseas Pakistanis to pay donations easily by going into the banks' portals and selecting the charity they want to pay and the amount.

The prime minister instructed the government to seek Finance Minister Shaukat Tareen's help, saying that the minister was an expert in when it came to the marketing aspect of products and assets.

The premier urged his economic team to keep thinking of "out-of-the-box" solutions to support Pakistan's economy till its exports does not come at par with its imports.

He appreciated the record-breaking rise in remittances from overseas Pakistanis over the years, adding that this was just the "tip of the iceberg."

He praised that the Pakistani diaspora for playing their part in supporting Pakistan's economy over the years.

"Overseas Pakistanis have, over the years, kept our economy afloat," he said, adding that he was in touch with overseas Pakistanis for the past 50 years during his cricketing days.