–Says PTI had no idea that the country’s economic situation was this bad
–Launches ‘Pakistan Banao Certificates’ scheme to attract foreign investment
–Says an IMF bailout would have only worsened Pakistan’s financial crisis
ISLAMABAD: While highlighting that Pakistan is going through the worst economic period in its history, Prime Minister Imran Khan on Thursday launched ‘Pakistan Banao Certificates’ scheme to attract investment from overseas Pakistanis to help strengthen the national economy.
Speaking at the launching ceremony of Pakistan Banao Certificate initiative, the prime minister vowed that under his government, the Pakistani diaspora will feel proud to hail from the country.
“It is important for overseas Pakistanis to see the country prosper, as I have firsthand experience of how they were treated after the September 11 attacks,” the PM stated.
He said that he had directed all Pakistani embassies around the world to address problems of the people of Pakistani origin.
The premier said that Pakistan is going through the toughest circumstances, facing huge current account and fiscal deficits. He said that the Pakistan Tehreek-e-Insaf (PTI) had no idea that the economic situation was this bad and only came to know about it during the last five months. “During the last five months, we learned about the actual problems and potential of the country,” he said.
“There are ups and downs in life and it is important how we deal with difficult situations and come out of it stronger than before,” he said, adding that Pakistan will become an example of transformative change.
The PM hoped that Pakistani expatriates would send back remittances through banking channels.
The country’s foreign policy, he claimed, was now solely based on the interests of the public.
He said that the country asking for an International Monetary Fund (IMF) bailout would have only worsened Pakistan’s financial crisis.
“Going to the IMF was not difficult but the easier option for us,” he said, adding that the balance of payment crisis has not been resolved yet.
Lauding the efforts of Finance Minister Asad Umar and State Bank of Pakistan (SBP) Governor Tariq Bajwa, he remarked that the Pakistan Banao Certificate should have been launched earlier to attract investment from expatriates.
Addressing the ceremony, Finance Minister Asad Umar said that the crisis of balance of payment was being overcome through prudent policies. He said that the expatriates, being an asset for Pakistan, had been struggling abroad to earn their livelihood as well as contributing to the development of their motherland.
The finance minister said that the expatriates were ready to serve in Pakistan despite having the offer of far lesser perks. He said that the certificate would offer a better profit rate than most banks that would also contribute to improving the national economy. He said that another two financial instruments would also be launched by the government to attract investment.
SBP Governor Tariq Bajwa, while highlighting the various features of the Pakistan Banao Certificates, said that they would be available in three and five-year maturities at profit rates of 6.25 per cent and 6.75 per cent per annum, respectively. He also lauded the contributions of the expatriate Pakistanis who contribute $20 billion per annum to the national exchequer through remittances, which he said was equal to around 80 per cent of country’s exports.
According to a statement issued on Thursday, the Pakistan Banao Certificates is the first initiative of its kind for overseas Pakistanis, as they get a unique opportunity to safely invest their savings with higher profit rates than United States, Europe, Gulf countries while helping build Pakistan. Under the said scheme, Overseas Pakistanis would be able to earn profits from their investment in certificates.
As for eligibility, Pakistanis having CNIC/NICOP or holders of POC, having bank accounts outside Pakistan, are eligible to buy the Pakistan Banao Certificates. The minimum investment is $5,000. Profit distribution is in US dollars while premature encashment in Pakistani Rupees can be done anytime without levy or penalty. Profit rate on three years plan will be 6.25pc payable bi-annually, whereas profit rate on five years plan would be 6.75pc payable bi-annually. Further incentives include exemptions from withholding tax and compulsory deduction of Zakat.
The launch ceremony was attended by the federal cabinet members, special assistants to the prime minister, Punjab Chief Minister Sardar Usman Buzdar, parliamentarians, senior government officials and a large number of overseas Pakistanis.
