To attract investment, Pakistan launches certificates for overseas citizens

File photo of Pakistan PM Imran Khan. Photograph:( AFP )

PTI Islamabad, Pakistan Jan 31, 2019, 09.15 PM (IST)

Prime Minister Imran Khan on Thursday launched special investment certificates for overseas Pakistanis to attract investment, offering them an opportunity to earn profits after a fixed period in a bid to help strengthen the country's fragile economy.

Speaking at the launch ceremony of the 'Pakistan Banao Certificates' - aimed at attracting investment from eight million overseas Pakistanis, Prime Minister Khan said while the crisis is not over for Pakistan as yet, the country will come out of this difficult period soon.

He said the days were not far away when Pakistani diaspora would be proud of the country.

"It is important for overseas Pakistanis to see the country prosper, as I have first-hand experience of how they were treated after the September 11 attacks," he said.

The overseas Pakistanis can buy the certificates with minimum US $5,000 and any integral multiple of US $1,000 in excess thereof with no maximum limit.

The certificates would be of two maturities - one of three years at about 6.25 per cent return and another with five-year maturity carrying 6.75 per cent return. 

Every overseas Pakistani having a national identity card and foreign bank account is eligible for the investment.

Talking about current financial difficulties, Khan said Pakistan would come out of it.

"There are ups and downs in life and it is important how we deal with difficult situations and come out of it stronger than before," he said.

Khan said with efforts Pakistan would become an "example of transformative change".

He also directed all embassies of the country to address problems of the overseas Pakistanis as he asked them to send remittances through banking channels.

Khan said that the balance of payment issues was only partially resolved. 

"The easiest way to bring relief was to go to the International Monetary Fund (IMF), like previous governments kept doing, and the other route was to go to friendly nations and ask them to lend assistance to us. That is what we did, because we needed long-term solutions," Prime Minister Khan added. 

Story highlights

Speaking at the launch ceremony of the 'Pakistan Banao Certificates' - aimed at attracting investment from eight million overseas Pakistanis, Prime Minister Khan said while the crisis is not over for Pakistan as yet, the country will come out of this difficult period soon.