National Remittance Program: Govt Okays Rs 13b fund

Government announces to launch “Roshan Apna Ghar” scheme

The government has approved Rs 13.1 billion funds for the points’ accumulation structure of the National Remittance Loyalty Program.

Earlier, the government had decided to launch the “National Remittance Loyalty Program” to facilitate overseas Pakistanis.

Finance Division had submitted a summary before the economic coordination committee (ECC) for approval.

The finance division had sought approval of around Rs 13.1 billion budget for the points accumulation structure under the National Remittance Loyalty Program (NRLP).

It further proposed that participating public sector entities (PSEs) would offer service under NRLP.In the future, the government will also add other entities and services to the scheme with the approval of the finance minister.

During the discussion, ECC observed that the program would help enhance the inflow of foreign currency into the country. Members also proposed to persuade the overseas Pakistanis to send more remittances through formal channel,

Prime Minister Imran Khan chaired a meeting on increasing remittances. They briefed the meeting on the achievements of Roshan Digital Account, Roshan own car scheme, and Roshan social service During the meeting, officials informed government would soon launch, “Roshan Apna Ghar” scheme.

Officials informed that government would launch the “National Remittance Loyalty Program” soon to facilitate Pakistanis abroad.

Through this program, the government will introduce a mobile application to attract more remittances to Pakistanis abroad. It will provide financial incentives under this program.

The government will launch a program in collaboration with PIA, FBR, NADRA, State Life, OPF, Benevolent and Old Age Employees Fund, and other government agencies. Overseas Pakistanis associated with this program will receive benefits from these institutions.

The Minister of Finance, Minister of Economic Affairs, Trade Adviser, Special Assistants for National Security, Revenue, and other senior officials attended a meeting.

Government incentives on remittances from Pakistanis abroad will help increase remittances and further stabilize the country’s economy and the success of the Roshan Digital Account.

During the meeting, participants will discuss the increase in domestic exports, especially from IT Detailed consideration of relevant issues related to increasing in exports, promotion of foreign investment, and concluding bilateral agreements with various countries and institutions on various development projects.

The SBP informed that the government is reaping the benefits of its policy of providing attractive incentives to Pakistanis abroad in terms of remittances.

The Roshan Digital Account has so far received $1.561 billion in just ten short months and is steadily increasing.

The remittances have been steadily increasing since the financial year 2018 despite the Corona epidemic, which is a sign of the full confidence of Pakistanis abroad in the policies of the present government and the capabilities of Prime Minister Imran Khan.

The Trade Adviser gave a detailed briefing on possible growth in exports in various sectors, especially in harnessing the country’s potential in the IT sector.

The Board of Investment said that they are making every effort to facilitate foreign investors and make it easier to do business.

Addressing the meeting, Prime Minister Imran Khan said that Pakistanis abroad are an invaluable asset of the country.

Remittances from Pakistanis abroad play a key role in stabilizing the country’s economy. The government is committed to providing facilities and incentives to overseas Pakistanis and their families who have contributed to the development of the country.

Prime Minister stressed giving consideration to Pakistani overseas to provide more remittances to Pakistanis abroad.

Premier also further direct to do detailed and systematic planning keeping in view the foreign exchange and other economic needs boost the economic growth.

In the field of remittances, the prime minister directed concerned ministries to set various future targets and formulate strategies to achieve them.