BCN-12 Pakistan set to launch new investment scheme for overseas Pakistanis

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ZCZC

BCN-12

PAKISTAN-INVESTMENT-SCHEME

Pakistan set to launch new investment scheme for overseas Pakistanis

ISLAMABAD, Aug. 27, 2018 (BSS/Xinhua) – Pakistan’s newly-elected
government has decided to launch a new investment scheme for the overseas
Pakistanis, local media ARY News reported on Sunday.

The new investment scheme is aimed at providing the new government some
financial leverage to tackle the balance of payment crisis besides fortifying
the country’s depleting foreign exchange reserves.

Pakistan’s new Finance Minister Asad Umer will float the investment bond
for the overseas Pakistanis to give them a chance to be a part of the
country’s efforts to regain the financial optimism and confidence and an
opportunity to earn them decent profit.

According to the official figures, Pakistan’s current account deficit
ballooned by 14 percent to 2.2 billion U.S. dollars in the month of July 2018
when compared with 1.93 billion U.S dollars recorded during the same month of
the previous year.

Similarly, the State Bank of Pakistan’s latest data suggested that the
country’s foreign exchange reserves stood at 16,722.8 million U.S. dollars
for the week ending on Aug. 17, 2018. The central bank’s reserves were
calculated at 10,234.8 million U.S. dollars whereas the reserves held by
other banks amounted to 6,488 million U.S. dollars.

Ever since winning the General Elections 2018 on July 25, the Pakistan
Tehreek-e-Insaaf’s government is tasked to immediately take on the economic
challenges as the country’s economic vital signs paint a disastrous picture.

Asad Umer is of the belief that the investment bond instrument will
present a win-win solution to both the government and the overseas
Pakistanis. Talking to the local media, Asad Umer stated that the National
Savings has already completed its homework and the instrument will help
Pakistan to raise up to 1 billion U.S. dollars from its expats’ community
living in the Gulf countries within the first year.

He mentioned that the bond will be floated to Pakistanis living and
working in Europe, the United States, and the rest of the world after its
successful experiment in the Gulf region.

BSS/XINHUA/HR/1150