PM asks overseas Pakistanis to invest in new Housing Scheme

-Launches ‘Roshan Apna Ghar’ programme for expatriates
-Says expats are biggest asset who can help country to generate huge revenues
-Regrets Pakistan didn’t benefit from overseas Pakistanis
-Adds expats sent the biggest amount to Pakistan
-Terms corruption as biggest hurdle in the way of investments in Pakistan

By Uzma Zafar

ISLAMABAD: Prime Minister Imran Khan has urged overseas Pakistanis to purchase properties in their homeland through ‘Roshan Apna Ghar’, saying the scheme could be a “game changer” for the country’s economy.
He said this while addressing a launching ceremony of Roshan Apna Ghar in Islamabad on Friday. The scheme was launched by the State Bank of Pakistan (SBP) to allow non-resident Pakistanis to acquire properties in their home country.
“The non-resident Pakistanis can now purchase or obtain financing for houses in Pakistan through the Roshan Digital Account,” the SBP had said last week.
Terming the Pakistani expats “biggest asset” of the country, PM Imran said the country had received record remittances since he came into power. “This is just a tip of the iceberg… overseas Pakistanis total wealth is equivalent to Pakistan’s total GDP,” he said.
However, the prime minister admitted that his government failed to create a business-friendly environment to enable Pakistani expats to invest in their homeland.
“Corruption is a major hurdle… the overseas Pakistanis are reluctant to invest in Pakistan due to corruption,” he said, adding that his government is making all-out efforts to create a business-friendly environment.
PM Imran said through the Roshan Apna Ghar initiative overseas Pakistanis can purchase properties in their homes country without any fear as commercial banks will provide a guarantee to the buyer. He expressed hope that the scheme would allow Pakistan to generate huge revenues and reduce the current account deficit. “This will put the economy on the path of sustainable growth..”
The Roshan Digital Account is a major initiative of the SBP, which was launched on September 10, 2020 in collaboration with commercial banks operating in the country. The central bank pointed out that these accounts provided innovative banking solutions for millions of non-resident Pakistanis seeking to undertake banking, payment and investment activities in Pakistan.
Under the initiative, several financial products have been provided to the overseas Pakistanis including Naya Pakistan Certificates for investment, Roshan Apni Car for car financing and Roshan Samaaji Khidmat for donation to charities.
“Roshan Apna Ghar is a new lifestyle banking product in the same category,” the SBP said. “Non-resident Pakistanis can now easily buy or obtain financing from the comfort of their homes abroad without the need to visit a bank branch.” Expatriates could also buy or finance a house from the bank’s pre-approved projects or any other property, the central bank said.