Will ask SBP governor to collaborate with philanthropists to raise dollars, says Dar

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Will ask SBP governor to collaborate with philanthropists to raise dollars, says Dar​

Kazim Alam Published February 2, 2023 Updated about 5 hours ago

Finance Minister Ishaq Dar addresses the National Islamic Economic Forum conference on on Roadmap for Islamisation of the Economy on Thursday. — Photo via finance ministry Twitter
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Finance Minister Ishaq Dar said on Thursday that he would ask the central bank governor to coordinate with a group of philanthropists in an effort to raise dollars from overseas Pakistanis to reduce the foreign exchange shortage.
Addressing a conference on Islamic finance via video link, Dar praised the initiative of Bashir Farooqi, founder of Saylani Welfare International Trust, under which leading philanthropists expect to raise $2 billion for five years. The funds will not generate any profit for the overseas Pakistanis, Farooqi said.
The fundraising drive will help ease the shortage of foreign exchange, which is causing delays in the clearance of imported goods from port authorities.
Other participants in the initiative are The Citizens Foundation, Akhuwat Foundation and Indus Hospital.
“We will hold a joint press conference soon to ask overseas Pakistanis for help,” Farooqi said.
During his address, Dar also called for eliminating the interest-based system and said a committee had been constituted to ensure that an Islamic banking system was established.
A bank that had only 100 branches previously had grown to 1,000 branches after adopting Islamic banking practices, the finance minister claimed, according to an APP report.
He noted that the Federal Shariat Court had given the government five years to eliminate interest-based banking from the country and expressed confidence that it could “meet the criteria set for the conversion before the stipulated time” with the cooperation of stakeholders.
Dar shared that he had directed the State Bank of Pakistan and the National Bank of Pakistan to withdraw their appeals against the Federal Shariat Court ruling.
The fundraising initiative comes as the country’s foreign exchange reserves plunged to a nine-year low of $3.7bn — not enough to cover even three weeks of imports.
Banks have been refusing to open letters of credit (LCs) for a majority of imports under explicit directives from the State Bank of Pakistan as the country fights the serious shortage of dollars. Minimising dollar outflows has brought a wide section of import-dependent industrial activity to a standstill across the country. Traders have warned that thousands of containers, including those containing essential items, are stranded at the ports due to the non-opening of the LCs, which could cause shortages in the future.
The government is in talks with the International Monetary Fund (IMF) for a bailout that would release $1.2bn and unlock inflows from friendly countries.

Laugh all you want; in my books he is doing a tad better than posting verses on Twitter imploring God to help. If the expatriate Pakistani billionaires, agree to lend a soft loan of $20 billion jointly, Pakistan's problems can be postponed to 2024 and some room made for thoughtful reorganization. Another plan would be asset sales to expatriate Pakistanis. Lease off Airlines, railways, steel mills, ports and roads on the same terms and conditions as the lease to China of the port. They may be motivated to invest and run on good business skills.

 

[HAIDER]

Laugh all you want; in my books he is doing a tad better than posting verses on Twitter imploring God to help. If the expatriate Pakistani billionaires, agree to lend a soft loan of $20 billion jointly, Pakistan's problems can be postponed to 2024 and some room made for thoughtful reorganization. Another plan would be asset sales to expatriate Pakistanis. Lease off Airlines, railways, steel mills, ports and roads on the same terms and conditions as the lease to China of the port. They may be motivated to invest and run on good business skills.

Maybe Imran Khan ...but not these con artists..they did it before, people gave them everything,,,, even women gave them their jewelry.

 

[doorstar]

IK promised the nation he would get back $200 billion dollars of Pakistan's stolen money. Where is it?

his holiness learnt the art of jumlabaazi from his bosom buddy the teli-cum-raja sri modi-jee: bhahio bheno mitro sub k account mein itnai hajar rupiay daloon ga switjerland se laa k.

even recoveries made within Pakistan vanished on their way to the treasury.

most foreign-returned PTIans and defectors from other parties have gotten rich beyond their own wildest dreams.
thank you IK, thank you Wasim Akram do'im

 

[Imran Khan]

I sent money when IK was PM and sent it again just few days ago.

People should put aside politics for our nation.

But pdm said ovsp are gumrah

 

[doorstar]

IK promised the nation he would get back $200 billion dollars of Pakistan's stolen money. Where is it?

plus around 186 billion imaginary dollars that Pakistan lost during its war on terror, despite the fact that Pakistan was on the verge of bankruptcy and did not have 2 brass farthings to rub together, that war was a Godsend it saved Pakistan in more than one way

 

[PakFactor]

Let's make another dam(n) fund and ask for donations.

How original.

This is better than MTV Comedy Central show. I’m sure overseas Pakistanis are zealous to donate. They’ll forsake their Hajj trip this year to save Pakistan.

 

[Abdul Rehman Majeed]

But pdm said ovsp are gumrah

There are many things people will say but we are a family.

 

[HAIDER]

 

[Path-Finder]

https://twitter.com/x/status/1621198818791329794

https://twitter.com/x/status/1621153012701081602

 

[Imran Khan]

There are many things people will say but we are a family.

Pdm is not family at all nor neutrals

 

[doorstar]

This is better than MTV Comedy Central show. I’m sure overseas Pakistanis are zealous to donate. They’ll forsake their Hajj trip this year to save Pakistan.

the onliest reason overseas Pakistanis remit money to Pakistan is if they have a relative to support or they are to buy something or there is a bond offer by a retarded ruler with a ridiculously high rate of interest.

or the Pakistanis in countries in Asia/mid-East where they can only work and cannot become citizens. they have no choice but to go home with all their money.

 

[ziaulislam]

Afghans are begging the Indians.

We can do better.

All Pakistanis ouside Pakistan should send more remittances.

All Pakistanis in Pakistan should pay more taxes.

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Remittances are dropping fast.
20% drop.

The reason is overseas youthias..these youthias nationality should be cancelled

 

[Abdul Rehman Majeed]

Remittances are dropping fast.
20% drop.

The reason is overseas youthias..these youthias nationality should be cancelled

People should put their politics aside.

 

[ziaulislam]

the onliest reason overseas Pakistanis remit money to Pakistan is if they have a relative to support or they are to buy something or there is a bond offer by a retarded ruler with a ridiculously high rate of interest.

or the Pakistanis in countries in Asia/mid-East where they can only work and cannot become citizens. they have no choice but to go home with all their money.

Yeah those who invested on bonds with ridiculous high return of 6% lost all their money as Pakistani bond are now being sold at 30% cheap from their book value.

All those youthias need to have their Brain checked..only an idiot will invest in Pakistani bonds at 6%, AS USA ibond are at 8% and saudi bonds at 7%

Even at 20% it will dumb and stupid to invest in Pakistani bonds


My advise to Dar sahab is to make you finance minister so you can raise 4b$ on 7% return ..7% is ridiculously high and should easily be possible per your logic

People should put their politics aside.

They have..hence why they are doing what's logical i.e put their money in US bonds and sp500(like I have)

Previously they were being tricked by Imran khan

If they need to support family huwla hundi is the way

 

[Imran Khan]

Remittances are dropping fast.
20% drop.

The reason is overseas youthias..these youthias nationality should be cancelled

Pesa chayee ????? A ke le lo