Pakistan plans to launch remittance loyalty program for overseas nationals

Pakistani customers enter in a currency exchange shop in Islamabad on October 9, 2018. (AFP)

• The country’s overseas workers will get an app under the program and receive multiple benefits from state institutions
• The decision has been taken at the highest political level in recognition to the contribution of Pakistani diaspora community to the national economy

ISLAMABAD: Prime Minister Imran Khan announced on Friday his government was planning to launch the National Remittance Loyalty Program to reward and facilitate Pakistani nationals working abroad, reported the Associated Press of Pakistan.
Khan was presiding over a meeting to review the steady growth of remittances in recent years and devise new strategies to further incentivize the process by providing greater facilities to overseas Pakistanis and their families in recognition to their services to the country.
“The State Bank of Pakistan informed the meeting that the government’s policy of providing attractive incentives to Pakistanis abroad in terms of remittances was showing positive results,” the APP reported.
The prime minister described the Pakistani workers abroad as the country’s “invaluable asset,” adding that their remittances had played a key role in stabilizing the national economy.
The meeting also focused on the contours of the National Remittance Loyalty Program which would be implemented in collaboration with various state institutions, including the Pakistan International Airlines, Federal Board of Revenue, National Database Registration Authority, State Life Corporation of Pakistan and Overseas Pakistanis Foundation along with other government agencies.
The overseas Pakistanis would get an app under the program and receive multiple benefits from these state-owned entities.
According to Pakistan’s central bank, Pakistani workers’ remittances increased to $26.7 billion during July-May FY21, registering a 29.4 percent increase when compared to the corresponding period of FY20.
The participants of the meeting also discussed the success of the Roshan Digital Account program that was launched to provide easy investment opportunities to overseas Pakistanis who were encouraged to park their funds in saving certificates offering significant returns.
The scheme generated over $1.5 billion within a span of 10 months.
The meeting also focused on the growth in the country’s exports while discussing strategies to attract more foreign investment in Pakistan.
The prime minister’s adviser on commerce, Abdul Razak Dawood, gave an elaborate presentation on the possible growth of exports in various areas and highlighted the potential of the information technology sector in this connection.
Pakistan’s overall export surpassed $31 billion in the last fiscal year, according to an official statement released by the commerce ministry last week.