Dar announces new PRI scheme to encourage remittances through banking channels

karachi
Finance Minister Ishaq Dar in consultation with various banks announced new PRI (Pakistan Remittances Initiative) scheme here on Wednesday.
According to details, on remittance of USD200 (threshold), standard TT charges will be 20 Riyals. He said all PRI arrears will be paid to banks by the government through the State Bank of Pakistan from April-July 2015. Under PRI scheme the government pays the remittances fee. The finance minister said PRI is meant to encourage remittances through banking channels and hoped that the banks would play their due role to ensure maximum remittances by the overseas Pakistanis through banking channel.
While addressing an award ceremony here at Karachi Stock Exchange to recognize the 25 best performing companies, during 2010-2013, the federal minister said with concerted efforts by the government, Pakistan’s economy has achieved position of stability.
“Pakistan of today is far better than the Pakistan as of May 2013”, Dar said while addressing an award ceremony here at Karachi Stock Exchange to recognize the 25 best performing companies, during 2010-2013. He said the previous governments also announced reforms but the element of effective implementation was missing. “We have not only introduced reforms but also ensured implementation-results are positive”, he maintained.
He said the government wanted to take the country from a stable economic position to the league of emerging economies and KSE was a good example of brisk business activity.
“Despite tremendous pressures on the government since it came into power, untiring efforts have enabled us to achieve GDP growth of 4.1% last year and we are on target of achieving 5.1% GDP growth in the current fiscal year”, he added. He said major initiatives were now underway in terms of power generation, transmission system upgrades. He said LNG and Coal based projects will transform the landscape of the Power sector in the next few years. “Elimination of extremism; energy crisis curtailment and doubling the GDP allocation for education and health sectors are the goals PML-N government is fast on its way to achieve,” said Ishaq Dar. “We at the very outset managed to adopt measures focused on economic reforms that helped to regain country’s reputation in the international markets,” he said. He said the PML-N govt has adopted a multi-pronged approach and is also fast on its way to help country end the demand-supply gap in power sector by the end of 2017. Similarly, the government has an inflexible resolve towards elimination of terrorism, he said.