Rest of Asia

Pakistan launches easy loan scheme for overseas workers

Waheed Abbas/Dubai
Filed on May 3, 2021 | Last updated on May 3, 2021 at 09.30 am
Photo: AFP

Kamyab Mazdoor scheme will be launched soon

Pakistan government will launch a new scheme soon to provide loans in easy installments to overseas Pakistanis returning to the country in order to set up their businesses and settle in the country, said a senior official.

Sayed Zulfikar Bukhari, special assistant to Prime Minister Imran Khan on Overseas Pakistanis and Human Resource Development (OPHRD), said many fresh initiatives would be introduced under a new “Kamyab Mazdoor” scheme soon.

“Under this programme, overseas Pakistani workers returning from abroad will get loans on easy installments to set up businesses to integrate and settle in Pakistan,” Bukhari said in a video message on the eve of Labour Day, which was observed on May 1, last week.

“Kamyab Mazdoor” programme will be launched under the banner of prime minister Imran Khan’s “Kamyab Jawan Programme”.

He thanked labourers who are working overseas for their commitment and contribution to the development of the country.

While speaking at an online session, which was hosted by the Corporate Pakistan Group (CPG) and Nutshell Group, Bukhari said OPHRD ministry would present an ordinance before the federal cabinet soon that would enable the overseas Pakistani workers to become registered pensioners through submission of self-contributions to the Employees Old-Age Benefits Institution (EOBI).

Bukhari pointed out that problems of overseas Pakistanis were being resolved on a fast-track basis as lands worth billions of rupees had been handed over to them after retrieving it from the land mafia.

Commenting on the Roshan Digital Account (RAD), Bukhari said the aim is to transform it into a digital challenger bank by adding more incentives for overseas Pakistanis.

So far, Pakistan has received over $1 billion (b) (Dh3.67b) in remittances through RAD from the country’s diaspora.

Bukhari revealed that several fresh incentives for the expatriates are on the cards to attract more remittances by curbing the 'hawala' and 'hundi' system.

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