Raking in the foreign money

Premier's strategy to increase foreign remittance from overseas Pakistanis is sharp

Grabbing the baton from the PML-N government, PM Imran Khan continues to make strides to bolster Pakistan’s economy. His transactions with money have to do with encouraging Pakistanis with ties overseas to transmit money into the country via incentives. Because PM Imran’s push is to moderate the transfer of funds through legal channels, we commend his agency for change. Meanwhile, the economy remains weak with a bearish stock market, high inflation most heavily impacting approximately one-third of the population that is below the poverty level, and the loans that keep piling up with lenders becoming agitated and reluctant.

PM Imran has been actively working to boost the economy, keenly recognising that to affect major change, financial resources need to be secured. Although some ambitions remain lofty, his strategy to increase foreign remittance from overseas Pakistanis is sharp, realising the Pakistani rupee bears little value and continues to decline. One of the many reasons Pakistanis shift abroad is to earn better salaries to be able to support basic needs for their families back in their home country. Thus, on the other hand, it is presumptuous to expect overseas Pakistanis working arduously abroad to rescue Pakistan’s economy. Technically, if they have moved abroad, they should be free to establish themselves in a different country to build new lives rather than face pressure to make financial donations to their country of origin. Other avenues to enhance the economy should be explored by the PTI; instead, foreign remittances seem to be the top focus.

Another caution for PM Imran is not to become a micromanager in daily commerce of the state. While government regulations are welcome to ensure legitimate transactions, too much government interference could shy investors away. Concrete plans in other areas such as law and order in Sindh to prevent encroachment are needed, which would increase investor confidence. We also need a concrete plan of action.

Published in The Express Tribune, October 15^th, 2018.

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