ONLY LOANS, NO REAL DEPOSITS NEEDED

[javed]

The fact is the “unseen” forces never wish to see any real investment friendly scheme as its result would be boost the economy in real terms not merely in files but even more confidence in Pakistan, reduction on dependency on world lending agencies and the last but not the least reducing chances of “underhand commissions” etc on international loan deals. Two months ago a SBP delegation went Dubai for some economic boost purpose as the nation was told. I was then in 90s working abroad. A SBP delegation headed by Dy. Governor came Dubai in search of some loans when the international lenders had at that time for some political reasons toughened their stand. The Pakistani businessmen community from the Gulf Regional in a gathering in Pakistani Association Dubai talked with the visiting team that while it was negotiating hard on insulting terms with foreign financial sharks it may take loans in shape of deposits in the National Savings from them and the other Overseas Pakistanis on quite less rate but with guarantee for safety of their investment viz after investment terms & conditions would not be changed. The Team refused. During the last 20 years this senior citizen had at least more than 200 times raised the issue that the Government pays 5% more on home remittances. This 5% not be paid in cash but through a documentary transaction retained in a collective pool with the Government. To reduce any new burden on the Government even this 5% be taken as 2.5% from the Ministry of Foreign Affairs which collects annually millions from Overseas Pakistanis through Embassies in the name of unseen community welfare and the balance 2.5% be taken from Overseas Pakistanis Foundation whose whole fund is contributions from the Overseas Pakistanis. This 5% with each successive five percents remains invested collectively with the Government. When an OP finally and permanently then as unemployed returns back home he be paid all his collected 5 percents plus profit accrued thereon during all this long period which could sever as gratuity without Government spending even a single Rupee. Even the OPF so called created for collective welfare of OPs never ever took any interest in this issue and never responded me during all these 20 years. The reason all of this is that the day such schemes are introduced it would effect adversely the hundi, how then the bureaucrats and politicians would siphon out dollars to their foreign accounts, how would they purchase properties abroad. In this old age I do not remember to how many dozens like respectable Mr. Munno-Bhai, Mr. Istiaq Baid etc who regularly keep writing about Overseas Pakistanis I addressed this but perhaps the point raised by this old timer Matriculate passed without any copying or cheating does not contain any logic for these intellectuals.