Connect with us


The trade deficit forces the government to approach the IMF (PM Imran – Pakistan)




ISLAMABAD: Prime Minister Imran Khan said on Thursday that the country’s trade deficit was the fundamental constraint for the government to go to the International Monetary Fund (IMF).

Although our exports are increasing, they are still lower than our imports. This causes pressure on our rupee, devaluation of our currency and inflation, the prime minister said at the launching ceremony of the Sohni Dharti Remittance Program (SDRP), aimed at encouraging the use of channels formalities for remittances.

Although Pakistan would achieve the highest exports this year, other equivalent economies until the 1960s such as Singapore (now around $ 200 billion) and Malaysia (around $ 300 billion) were far ahead of the country. in terms of annual exports, he noted.

The prime minister said Pakistan has so far approached the IMF for financial support 20 times.

Launch of a program to encourage the use of formal channels for remittances

Mr Khan said that with the growing Pakistani economy and increasing imports, there was pressure on the current account. When the pressure comes on the current account, it also puts pressure on the rupee and we need to get closer to the IMF, he added.

Mr Khan called nine million Pakistanis overseas the country’s trump card and urged his economic team to focus on the incentives and facilitation for sending remittances and investing in the country through banking channels for a win-win situation.

He said overseas Pakistanis should be treated like VIPs, as enticing and facilitating them would benefit the country.

The Sohni Dharti Remittance Program is a points-based loyalty program where senders and their recipients will accumulate reward points by sending funds through formal channels (entities regulated by the State Bank) and redeem these points with participating public sector entities (PSEs) using their services free of charge.

A mobile app, in English and Urdu, for iOS (Apple) and Android (Google) is available for senders to download for registration and later for redeeming points at PSEs.

A sender can add a beneficiary parent and can transfer reward points to them for use. A centralized back-end system is developed and managed by 1-LINK.

The prime minister said the government will launch another program where overseas Pakistanis can buy homes and invest in real estate in their home countries through Roshan Digital Accounts (RDA) in a safe manner. and transparent.

He said the banks would check and verify the legal details of the housing company so that overseas Pakistanis can be protected from fraud.

The prime minister ordered the planning division to offer tax incentives to overseas Pakistanis for their real estate investments.

According to the criteria of the Sohni Dharti remittance program, the green box sender will be allocated one percent of a maximum annual amount of $ 10,000, 1.25 pc for the Gold category sending $ 10,001 to $ 30,000 and 1.5 pc for the Platinum category sending an annual payment of more than $ 30,000.

Public sector entities would offer special services to authorized shippers, including on intentional PIA plane tickets, payment for additional baggage, payment of cell phone taxes, vehicle purchase, vehicle taxes imported, renewal of CNIC / NICOP, insurance premium, OPF school fees and purchases from a utility store.

In addition, the cash refund option is also being developed.

Prime Minister Khan said Pakistan, which led countries like Hong Kong, Singapore and Malaysia in terms of exports in the 1960s, now lags behind due to past neglect and trade deficit issues. and current.

However, he noted with satisfaction that with the growth of the large-scale manufacturing sector during the Covid-19 pandemic remaining on a positive trajectory, the increase in remittances from overseas Pakistanis had helped fill the gap. current account gap.

He said that with efforts to improve foreign direct investment as well, Pakistan’s remittances abroad have been of great support in this difficult time.

State Bank Governor Reza Baqir said that after the success of the GDR, the launch of the SDRP app by the central bank would help ordinary or less educated foreign Pakistanis send their remittances to safety. registering on the SDRP app, which required minimal information, including details. their identity cards and passports.

He said the State Bank, under Prime Minister Khan’s vision, had also started a loan program for the purchase of 5 and 10 Marla houses. While requests for loans of Rs 236 billion had been received so far, a loan of Rs 90 billion had been approved and Rs 25 billion disbursed, he added.

PM meets GB CM

Later, the Prime Minister met with Gilgit Baltistan Chief Minister Khalid Khurshid and discussed issues relating to ongoing development projects in the region.

The Prime Minister was informed that the works are in full swing to provide world-class facilities to the tourist points of Gilgit Baltistan.

The meeting also discussed issues relating to the displacement of people due to the construction of the Diamer-Bhasha dam and energy policy.

Retired Wapda chairman Lt. Gen. Muzammil Hussain also called the prime minister and briefed him on the progress of the wok on the major dams.

Meanwhile, calling the talent of Pakistani youth unprecedented, Prime Minister Khan said international companies are welcome to establish their businesses in the country.

He expressed these views in a meeting with Kaan Terzioglu, CEO of Veon Group, a multinational telecommunications services company, the prime minister’s office said.

The prime minister said Pakistani youth could greatly benefit from major international IT and telecommunications companies. He emphasized the transfer of technology and the training of young people.

Posted in Dawn, le 26 November 2021




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]