Pakistan's economic indicators improving despite challenges: PM Imran

Pakistan's economic indicators improving despite challenges: PM Imran

Islamabad (Web Desk): Prime Minister Imran Khan on Thursday said that the Pakistan's economic indicators are on positive trajectory compared to other countries despite many challenges including the Covid-19 pandemic.

Addressing a ceremony in Islamabad today in connection with Roshan Digital Account (RDA) crossing the $500 million mark in remittances, the premier said that the present government has made record repayments of $20 billion in foreign loans over the last two and a half years.

PM Imran expressed his pleasure over the record increase in the country's exports at a time when the economies around the world were badly affected by the breakout of the pandemic.

“Our exports have increased more than our competitors including India and Bangladesh,” the prime minister said, adding that the country's textile sector is witnessing a boom and new textile mills are being opened.

PM Imran said that the conscious efforts to improve exports as well as remittances including those in Roshan Digital Pakistan Account have helped stabilize the rupee.

He said that 88,000 Roshan Digital Accounts have been opened in 97 countries.

“The overseas Pakistanis are our biggest asset and it has been his endeavor to tap this potential to take forward the country,” PM Imran said.

The prime minister directed that the State Bank of Pakistan (SBP) to open a special cell to fully facilitate the overseas Pakistanis in opening the Roshan Digital Account.

“The more we facilitate the expatriates, more amounts will come in the Roshan Digital Account,” the premier noted.

PM Imran also stressed for a focused and innovative media campaign for overseas Pakistanis to apprise them about this new initiative. He was confident that this will help increase the number of accounts.

“The banking sector has an important role in Naya Pakistan Housing Program as well as the promotion of small and medium enterprises,” PM Imran said, adding that these two sectors have the potential to accelerate the economic growth.

Speaking on the occasion, SBP Governor Reza Baqir announced that Naya Pakistan Certificates will now also be available to expatriate Pakistanis in UK pound and Euro.

Expressing the confidence, Baqir said that more people will become part of the RDA as there are about 7 to 9 million overseas Pakistanis.

He said under this initiative the overseas Pakistanis can open their accounts without going to the bank or the embassy. He said these accounts have been made repatriable as part of efforts to facilitate the overseas Pakistanis.

It is pertinent to mention that the RDA, a joint initiative of the government and the SBP in collaboration with commercial banks operating in the country, was inaugurated by Prime Minister Imran Khan in September 2020.

The main purpose of RDA is to attract millions of Pakistanis living abroad by offering much higher returns on deposits compared to returns in the developed economies.