Prime Minister Imran Khan addressed the Naya Pakistan Certificate for overseas Pakistanis launching event in Islamabad on Thursday.
The certificate ensures holders will get up to 7 percent return in US dollars and 11 percent in Pakistani currency, whereas, Islamic Certificates (Shariah-compliant) are also being offered by the central bank.
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The certificates will be made available for the period of three months to five years while early encashment is allowed, said Faisal Javed, adding that no tax filing is required for Non-Resident Pakistanis (NRP) and only 10 percent withholding tax will be charged on profits.
It is when you’re away from your country that you care about it the most and it’s true for Pakistani expatriates who are the biggest investors for the country, said the prime minister addressing the delegates present on the occasion.
Remittances and investments from the diaspora were partly to credit for the countries current positive economic outlook, he added.
The Prime Minister said it is delighting to note that the Current Account deficit has shrunk comparing it with the time when his government took the reins and the deficit was a whopping $20 billion.
It is after 17 years that our current account has landed in surplus and we wish to take it further ahead, the PM said.
On the inflation plaguing the country, the PM said untimely heavy rains caused great damage to wheat crops that coupled with food security issues that were heightened by Covid-19 outbreak.
He also said mafias in sugar industry played an instrumental role to cause the crisis and asserted the government will henceforth ensure to put a noose on all the mafias.
Imran Khan blamed rupee devaluation for the hike in commodity prices and said when the dollar appreciates against the local rupee, it renders commodities and groceries expensive. But he said the rupee has been doing relatively better now and it’s looking at stability.
