Associated Press of Pakistan
Pakistan’s Ambassador to the UAE Jamil Ahmed Khan Sunday awarded commendation certificates to members of the Pakistani community who send their hard earned money to Pakistan through legal channels. Addressing a gathering of Pakistani community in Dubai, he said that the overseas Pakistanis were showing their interest in sending their hard earned money to Pakistan, which was a clear demonstration of their patriotism, a message received here said. Terming this initiative a part of Embassy’s Community Outreach Programme, Ambassador Jamil said that the initiative had brought about significant improvement in the remittances being sent from the United Arab Emirates (UAE).
“As a result of this pro-active approach, the annual remittances from the UAE have gone up to approximately $ 3 billion and Pakistanis living in the UAE have become the highest per capital remitters in the world,” said the Ambassador.
On this occasion the envoy announced ‘interest free loan facility’ for overseas Pakistanis which, he believed, would further increase worker’s remittances.
Further dilating upon the incentive, Ambassador Khan said that the loan in national currency equivalent to 10% percent of the amount remitted by overseas Pakistanis in one year would be sanctioned through one window system for which the remitter would be required to submit attested proof of amount remitted, copy of NICOP, passport and undertaking to the effect that loan would be returned in five years.
He said the Government of Pakistan was paying an interest of 8.5% on the loans taken from foreign donors and that too in foreign exchange.
In the proposed loan scheme, he added that the government would be extending interest free loan equivalent to 10% of the remittances but in national currency.
This way on one hand the net effect/burden on national exchequer will only be of 1.5% in rupee terms and on the other hand the incentive will result in substantial increase in foreign remittances, he added.