Smiling and vibrant Pakistan emerging
Dr Arif Alvi says nation is ready for a change and will emerge stronger on economic front
Pakistan is on right track to achieve a ‘sustainable growth in coming years despite the high commodity prices, surging shipping and freight rates and challenges in the wake of the Covid-19 pandemic, top official says.
President of Pakistan Dr Arif Alvi, who arrived on a two-day visit to the UAE, said the country is progressing well under the leadership of Prime Minister Pakistan and the nation is ready for a change to witness a ‘smiling and vibrant Pakistan’ despite a challenging environment worldwide.
“I can assure you that Pakistan future is bright. We are on the right track to achieve a sustainable growth and offer lot of business opportunities especially in Information Technology sector,” the President said at an event hosted by State Bank of Pakistan to highlight Roshan Digital Account initiative among the business community in the UAE.
He said a prosperous Pakistan was emerging at the global arena and urged the overseas Pakistanis to benefit from the secure investment policies of the country.
Abdul Razak Dawood, advisor to the Prime Minister for Commerce and Investment; Dr Reza Baqir, Governor State Bank of Pakistan; top bankers and business community leaders and investors also attended the event.
“We are the fifth most populated country in the world and the country emerged stronger after the pandemic due to effective planning and strategy of the government. Prime Minister Imran Khan was the only leader in the world who opposed complete lockdown and introduce smart lockdown strategy to protect poor segment of the society,” Dr Alvi said.
Referring to successful business model and strategies of Dubai and Singapore due to visionary leadership of these two states, he said Pakistan is following the similar model and will emerge stronger in coming years.
“I must congratulates the UAE leadership for hosting Expo 2020 Dubai and developing an excellent infrastructure in the country,” the President said.
4.8% GDP growth
Abdul Razak Dawood said Pakistan is on a path to achieve higher GDP growth on sustainable basis in coming years.
“We are doing lot of efforts to improve our ranking in ease of doing business. The country currently stands at 108th position globally and I’m sure we will be joining double-digit ranking whenever the World Bank will upgrade its database in future,” Dawood said.
The advisor mentioned that the exports and agriculture sectors of the country were witnessing high growth. He expressed the confidence that due to effective policies of the government, the sustainable development of Pakistan would continue for the benefit of its people.
Dr Reza Baqir also highlighted key features of Roshan Digital Account and said Pakistan is one of the few countries who improve its debt-to-GDP ratio despite the pandemic challenge.
“Emerging markets and advanced nations’ debt-to-GDP ratio increased from 10 per cent to 25 per cent due to the Covid-19 crisis and slowdown in the global economy. Pakistan has shown tremendous performance by managing record $19 billion current account deficit, budget deficit and Covud crisis and now the country is on track to achieve ‘strong and sustainable economic growth’ in coming years,” the governor said.
“We have successfully managed bigger challenges with slow growth and now the economy is picking up so we can manage the current account deficit and other issues comparatively with more flexible approach,” he said.
“Roshan Digital Account inflows have crossed $2.5 billion mark as everyday 1,000 new accounts are being opened and on average $250-$300 million monthly are coming into RDA. I must appreciate overseas Pakistan for posing confidence in RDA and encourage them to open accounts and enjoy different products such as Roshan Apni Car, Roshan Apna Ghar, and Naya Pakistan Certificate, among others,” he said.
He said the SBP was facilitating the overseas Pakistanis in line with the vision of Prime Minister Imran Khan. He said banks were competing to facilitate the overseas Pakistanis on the Roshan Apna Ghar initiative and ensure their easy investment in the country.
Earlier, deputy governor State Bank of Pakistan Murtaza Syed gave a detailed presentation on RDA and shared the latest data.
“Everyday, overseas Pakistan remitting around $10 million through RDA and investing in different conventional and Shariah-compliant products offered by the scheme. There is easy repatriation of funds for RDA subscribers and they don’t require to file a tax returns in the country,” Syed said.
President Habib Bank Limited Muhammad Aurangzeb, President and CEO of Meezan Bank Irfan Siddiqui and CEO of Bank Alfalah Atif Bajwa also addressed the event and highlight different aspects and features of RDA to business community and investors.
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