ISLAMABAD, Aug. 26 (Xinhua) -- Pakistan's newly-elected government has decided to launch a new investment scheme for the overseas Pakistanis, local media ARY News reported on Sunday.
The new investment scheme is aimed at providing the new government some financial leverage to tackle the balance of payment crisis besides fortifying the country's depleting foreign exchange reserves.
Pakistan's new Finance Minister Asad Umer will float the investment bond for the overseas Pakistanis to give them a chance to be a part of the country's efforts to regain the financial optimism and confidence and an opportunity to earn them decent profit.
According to the official figures, Pakistan's current account deficit ballooned by 14 percent to 2.2 billion U.S. dollars in the month of July 2018 when compared with 1.93 billion U.S dollars recorded during the same month of the previous year.
Similarly, the State Bank of Pakistan's latest data suggested that the country's foreign exchange reserves stood at 16,722.8 million U.S. dollars for the week ending on Aug. 17, 2018. The central bank's reserves were calculated at 10,234.8 million U.S. dollars whereas the reserves held by other banks amounted to 6,488 million U.S. dollars.
Ever since winning the General Elections 2018 on July 25, the Pakistan Tehreek-e-Insaaf's government is tasked to immediately take on the economic challenges as the country's economic vital signs paint a disastrous picture.
Asad Umer is of the belief that the investment bond instrument will present a win-win solution to both the government and the overseas Pakistanis. Talking to the local media, Asad Umer stated that the National Savings has already completed its homework and the instrument will help Pakistan to raise up to 1 billion U.S. dollars from its expats' community living in the Gulf countries within the first year.
He mentioned that the bond will be floated to Pakistanis living and working in Europe, the United States, and the rest of the world after its successful experiment in the Gulf region.
