ISLAMABAD, NOV 12 – 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.
This was stated by Prime Minister Imran Khan while addressing Naya Pakistan Certificate launch ceremony on Thursday.
The Prime Minister noted people living across the oceans loved Pakistan the most and crediting it partly to their remittances and investments, said the economy has started in the right direction.
The Prime Minister said it is delighting to note that Current Account deficit has shrunk comparing it with the time when his government took the reins and CA 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.
It may be noted that Naya Pakistan Certificates (NPCs) which are being introduced to facilitate overseas Pakistanis for opening a Foreign Currency Value Account (FCVA) are for overseas Pakistanis and those who have declared assets abroad with the Federal Board of Revenue (FBR).
Earlier Faisal Javed of the ruling party said NPC holders will get up to 7 per cent return in US dollar and 11 per cent in Pakistani currency, whereas, Islamic Certificates (Shariah-compliant) are also being offered by the central bank.
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 per cent withholding tax will be charged on profits.