Prime Minister (PM) Imran Khan has declared that the country’s economic indicators are on a positive trajectory despite numerous challenges, including the COVID-19 pandemic.
He stated this addressing a ceremony in Islamabad today (Thursday) in connection with the Roshan Digital Accounts crossing the $500 million mark in remittances.
PM Khan expressed his pleasure over the record increase in Pakistan’s exports at a time when the economies around the world had been badly affected by the pandemic.
ALSO READ
Textile Exports Register 10.80% Growth During January 2021: PBS
He remarked the present government has made record repayments of $20 billion in foreign loans over the last 2.5 years, and added that unless the Rupee strengthens, the economy will not recover because investment follows the currency movement.
“Investment declines due to currency fluctuations, so the only long-term solution is to increase exports,” he said.
The premier explained that Pakistan’s exports have surpassed those of its competitors India and Bangladesh because the textile sector is witnessing a boom and new textile mills are being established.
He added that the conscious efforts to improve the exports as well as the remittances in the Roshan Digital Accounts (RDAs) have helped to stabilize the Rupee.
ALSO READ
Pakistani Company Sold 30 Million Pairs of Jeans Worldwide in 2019
He said that 88,000 RDAs have been opened up in 97 countries and that while the overseas Pakistanis are the country’s biggest asset, this endeavor has the potential to take forward the country.
The PM directed the State Bank of Pakistan (SBP) to launch a special cell to fully facilitate overseas Pakistanis in opening RDAs. He pointed to that the more the expatriates are facilitated, the more amounts will come into these accounts. He also emphasized the need for a focused and innovative media campaign for overseas Pakistanis to apprise them about this new initiative and was confident that this will help increase the number of RDAs.
He said that the banking sector has an important role in the Naya Pakistan Housing Program as well as in the promotion of small and medium enterprises (SMEs), adding that these two sectors have the potential to accelerate economic growth.
