Proposed for consideration by

• Government of Pakistan
• Special Investment Facilitation Council (SIFC)
• Ministry of Finance
• State Bank of Pakistan

Summary

Pakistan can explore the creation of a dedicated foreign-currency savings instrument called the Shining Pakistan Account (SPA) to mobilise substantial voluntary savings from Pakistanis living abroad and eligible resident Pakistanis.

The Core Proposition

2 million Pakistanis × US$5,000 = US$10 billion

The proposed account would offer an indicative return of 8.25% per annum, payable quarterly, subject to final approval by the Government of Pakistan, State Bank of Pakistan and all applicable regulatory and legal requirements.

The objective would be to mobilise up to US$10 billion in foreign-currency savings and channel those funds into clearly defined national financing requirements while providing participating Pakistanis with an attractive, transparent and professionally administered investment instrument.

At US$10 billion outstanding, an 8.25% annual return would represent an annual payment obligation of approximately US$825 million, or US$206.25 million per quarter, before taxes, administration, hedging and other costs.

The programme must therefore be designed as a professionally structured sovereign financing instrument with a credible repayment mechanism, transparent utilisation of funds and clearly defined investor protections.

The Basic Concept

The Shining Pakistan Account would be a voluntary savings and investment instrument through which Pakistanis could place foreign-currency savings into a government-backed programme.

• Target participants: 2 million
• Average investment: US$5,000
• Potential mobilisation: US$10 billion

Participation would not necessarily be limited to exactly US$5,000. Suggested investment levels could include:

• US$5,000
• US$10,000
• US$25,000
• US$50,000
• US$100,000 and above

This would allow both ordinary savers and higher-net-worth Pakistanis to participate.

The US$5,000 figure should therefore be regarded as the target average contribution, rather than necessarily a rigid maximum or minimum.

Why the Shining Pakistan Account?

Pakistan needs reliable sources of foreign currency. The country has millions of citizens living and working overseas who already sent more than US$40 billion to Pakistan through formal remittance channels during FY2025-26, according to the proposal.

A Dual-Channel Strategy

• Remittances: Send money to Pakistan.
• Shining Pakistan Account: Invest savings in Pakistan.

The programme could therefore encourage overseas Pakistanis not merely to remit money for family consumption, but also to place a portion of their savings into a formal Pakistani investment instrument.

The initiative could potentially:

• Mobilise foreign currency from Pakistani citizens.
• Diversify Pakistan’s external financing sources.
• Reduce exclusive reliance on international commercial borrowing.
• Provide overseas Pakistanis with a structured investment opportunity.
• Strengthen foreign-exchange liquidity.
• Support productive national investment.
• Create a direct financial connection between overseas Pakistanis and Pakistan’s economic development.

Proposed Financial Structure

The final interest/profit rate should be determined at launch after assessing prevailing international interest rates, Pakistan’s sovereign borrowing costs, the proposed tenor and the total cost of distribution.

The 8.25% Return: Addressing the Objection

One of the first questions will be:

“Why should Pakistan pay 8.25%?”

The proposed rate should be explained in the context of Pakistan’s recent access to international capital markets.

In September 2026, Pakistan accessed international capital markets through a US$3 billion dual-tranche Eurobond transaction.

Contemporaneous Bloomberg-reported market pricing placed the yield on Pakistan’s US$1.25 billion 10-year tranche at approximately 8.25% in the September 2026 Eurobond transaction.

[Bloomberg — Bilal Hussain’s Pakistan coverage.]
The Bloomberg reference can be found through its Pakistan coverage:

This provides a useful market benchmark, although the SPA rate should ultimately be determined through a formal assessment by the Ministry of Finance and State Bank of Pakistan.

Cost of Mobilising US$10 Billion

If the Shining Pakistan Account successfully mobilises US$10 billion, the financial obligations would be:

Financial Obligations

• Annual return obligation:
  US$10,000,000,000 × 8.25% = US$825 million per year
• Quarterly payment:
  US$825 million ÷ 4 = US$206.25 million per quarter

Therefore, the Government would need to have a clear financing strategy for meeting approximately US$825 million in annual return obligations.

At the end of a five-year instrument, the original US$10 billion principal would also have to be repaid or refinanced.

This is why the programme must not be treated simply as a fundraising campaign; it must be designed as a properly managed sovereign financial instrument.

Where Should the US$10 Billion Go?

Fundamental Allocation Principle

Every dollar raised through the Shining Pakistan Account must have a clearly documented purpose.

Potential areas of utilisation could include:

External Debt Refinancing

The proceeds could be used to refinance more expensive external obligations where doing so reduces Pakistan’s overall financing burden.

Foreign-Exchange Liquidity

A portion could strengthen the country’s external liquidity position.

Export-Generating Investment

Funds could support projects capable of generating future foreign-exchange earnings.

Energy-Sector Investment

Investment could be directed towards projects that reduce Pakistan’s dependence on imported energy.

Productive Infrastructure

Funds could support infrastructure projects with identifiable economic returns.

Strategic National Projects

The Government could identify a limited number of projects with measurable economic and foreign-exchange benefits, such as mining and refining rare earth metals.

The allocation should be publicly disclosed.

Ring-Fencing and Transparency

Investor confidence will be the foundation of the entire programme.

The Government should establish a dedicated accounting framework for the Shining Pakistan Account.

A quarterly public report should disclose:

• Total funds raised and total funds outstanding
• Amount utilised and purpose of utilisation
• Return/profit paid
• Principal outstanding
• Upcoming maturity obligations
• Administrative and other programme costs

An independent audit should be conducted periodically.

The objective should be simple:

An investor should be able to see exactly how much Pakistan has raised, where it has gone and what Pakistan owes investors.

Making the Account Attractive to Overseas Pakistanis

The programme must be extremely easy to use.

An overseas Pakistani should be able to:

1. Open an account digitally.
2. Complete identity verification online.
3. Transfer US dollars from an authorised bank.
4. Select an investment amount.
5. Receive quarterly returns electronically.
6. Monitor the investment through a secure online portal.
7. Receive the original principal at maturity.
8. Transfer eligible funds according to clearly defined repatriation rules.

Illustrative Investor Dashboard

Multiple Investment Categories

Shining Pakistan 3-Year Account

Indicative return determined at launch.

Shining Pakistan 5-Year Account

Potentially higher return reflecting the longer commitment.

Shining Pakistan Premium

For larger investments, such as US$100,000 and above, subject to applicable regulations.

Shining Pakistan Resident Account

A version designed for eligible residents with appropriate foreign-currency funding arrangements.

The precise structure would require regulatory and tax analysis.

11. Early Withdrawal

Investors should have a clearly defined early-exit mechanism.

For example, the programme could permit early withdrawal after a minimum holding period, subject to:

• Notice requirements
• A defined reduction in the return
• An early-redemption fee where appropriate
• A market-value adjustment

The terms should be disclosed before investment.

The Government should avoid creating a situation where investors believe they have unrestricted instant access to funds if the underlying instrument is being used for longer-term financing.

Currency Protection

The core product should preferably be denominated in US dollars for overseas investors.

This is important because an investor contributing US$5,000 should know whether the Government’s obligation at maturity is:

• US$5,000, or
• An equivalent amount in Pakistani rupees.

The currency terms must be completely unambiguous.

If a rupee-denominated version is introduced, its exchange-rate risk should be separately disclosed.

Sovereign Guarantee and Legal Protection

The legal structure must answer one fundamental question:

What exactly does the Government promise the investor?

The programme documentation should specify:

• Principal repayment and return rate
• Payment dates and maturity terms
• Early withdrawal provisions
• Currency denomination and tax treatment
• Inheritance and repatriation provisions
• Applicable law and dispute-resolution mechanism
• Consequences of default or restructuring

A government guarantee, if provided, must be legally enforceable and clearly defined.

Digital Infrastructure

A dedicated Shining Pakistan Portal could become the principal subscription and information platform.

The portal could allow users to:

• Register
• Verify their identity
• Select investments
• Transfer funds
• Receive confirmation
• Monitor quarterly returns
• Download statements
• Track maturity
• Request eligible withdrawals

The system should be integrated with authorised Pakistani banks and appropriate international payment channels.

Cybersecurity and anti-money-laundering controls would be essential.

Distribution Through Pakistani Banks

Rather than creating an entirely new banking infrastructure, the Government could use existing authorised banks and the National Savings Organisation.

Participating banks could act as:

• Subscription agents
• Payment agents
• Investor-service providers
• Remittance partners

This could substantially reduce the time required to launch the programme.

International Launch

The programme should initially target countries with large Pakistani communities.

Priority Markets

• Saudi Arabia
• United Arab Emirates
• United Kingdom
• United States
• Oman
• Qatar
• Italy
• Australia
• Spain
• Portugal
• European Union
• Kuwait

The Government could work through:

• Pakistani embassies
• Consulates
• Pakistani banks
• Overseas Pakistani organisations
• Business associations
• Authorised financial institutions
• Digital advertising channels

The 90-Day Mobilisation Strategy

First 30 Days — Establish the Programme

1. Create an inter-ministerial task force.
2. Finalise the legal structure.
3. Obtain State Bank and regulatory approvals.
4. Determine the final return structure.
5. Prepare the prospectus.
6. Establish investor-protection rules.
7. Select participating banks.
8. Develop the digital platform.

Days 31–60 — Prepare the International Launch

1. Train participating banks.
2. Establish digital onboarding.
3. Prepare international marketing.
4. Establish overseas Pakistani contact networks.
5. Open pre-registration.
6. Publish FAQs and full terms.
7. Begin institutional and community outreach.

Days 61–90 — Launch Internationally

1. Open subscriptions.
2. Begin daily monitoring.
3. Publish mobilisation figures.
4. Identify technical or regulatory problems.
5. Expand participating banks.
6. Publish the first transparency report.

The US$10 Billion Mobilisation Target

The Government should establish progressive targets:

This approach would reduce the risk of designing the entire programme around an assumption that US$10 billion will arrive immediately.

Different Ways of Reaching US$10 Billion

The programme does not necessarily require exactly two million investors.

For example:

• 2 million investors × US$5,000 = US$10 billion
• 1 million investors × US$10,000 = US$10 billion
• 500,000 investors × US$20,000 = US$10 billion
• 200,000 investors × US$50,000 = US$10 billion

A combination of small and large investors could therefore achieve the target.

The objective should be US$10 billion of total mobilisation, rather than a rigid requirement for exactly two million accounts.

Why Trust Will Matter More Than Advertising

No marketing campaign can compensate for a lack of confidence.

The programme should therefore make transparency its principal marketing tool.

The Government should publish:

• How much has been raised
• How much has been spent
• What the money was spent on
• How much return has been paid
• How much principal remains outstanding
• When repayments are due

A real-time or regularly updated public dashboard could make the programme substantially more credible.

Independent Oversight

A supervisory committee could include representatives from:

• Ministry of Finance
• State Bank of Pakistan
• Securities and Exchange Commission of Pakistan (SECP), where applicable
• Participating banks
• Independent auditors
• Relevant legal and financial experts

The committee’s role should include monitoring:

• Mobilisation
• Utilisation
• Compliance
• Liquidity
• Repayment obligations
• Investor complaints
• Transparency

Tax Treatment

The Government should clearly state the tax treatment before launch.

Investors should know:

• Whether the return is taxable in Pakistan
• Whether withholding tax applies
• Whether overseas investors are subject to any Pakistani tax
• How tax residency affects treatment
• Whether any tax treaty applies
• Whether principal repayment is tax-neutral

Uncertainty over tax treatment could discourage participation.

Inheritance and Succession

A particularly important feature for overseas Pakistanis would be simple inheritance arrangements.

The programme should provide a straightforward mechanism allowing the investment to be transferred to nominated beneficiaries in the event of the investor’s death, subject to applicable law.

This should be explained clearly when the account is opened.

Marketing Message

The programme should avoid exaggerated promises.

National Campaign Message

SHINING PAKISTAN

Invest in Pakistan. Earn transparently. Build the future.

US$5,000 can become part of a US$10 billion national savings programme.

2 million Pakistanis × US$5,000 = US$10 billion

Key Emphases

Security • Transparency • Competitive Return • Quarterly Income • Digital Convenience • Clear Maturity • National Investment

25. Frequently Asked Questions

Q: Why should I invest?

A: The account would provide an opportunity for Pakistanis to place foreign-currency savings into a formally structured Pakistani sovereign financing instrument, subject to its final terms and risks.

Q: Is 8.25% guaranteed?

A: Only if the final legal documentation explicitly establishes that rate. The 8.25% figure should initially be regarded as a proposed/indicative rate.

Q: Why 8.25%?

A: It is broadly comparable with recent market pricing associated with Pakistan’s international sovereign borrowing, including the Bloomberg-reported yield on the 10-year tranche of the September 2026 Eurobond transaction.

Q: Where will my money go?

A: The Government should publish the approved categories of utilisation and report actual utilisation periodically.

Q: Will I receive quarterly payments?

A: That would be one of the defining features of the proposed account, subject to the final legal terms.

Q: Will my US-dollar principal be returned in dollars?

A: For a dollar-denominated account, this should be clearly specified in the final terms.

Q: Can I withdraw early?

A: The programme should provide a defined early-redemption mechanism, subject to its terms.

Q: Who supervises the programme?

A: The State Bank, Ministry of Finance and other relevant authorities would oversee the programme within their respective legal mandates.

The Most Important Financial Discipline

The Shining Pakistan Account must not become another source of short-term borrowing used to postpone an underlying financing problem.

The Government should establish a debt-management framework before launching the programme.

For every US$1 raised, officials should be able to answer:

1. Why was it raised?
2. Where was it deployed?
3. What return or economic benefit is expected?
4. How will the Government pay the investor?
5. How will the US$1 principal ultimately be repaid?

This discipline would distinguish the programme from an ordinary fundraising campaign.

Proposed Initial Target

Programme Targets Summary

• Mobilisation Target: US$10 billion
• Initial Average Contribution Assumption: US$5,000
• Target Base: 2 million participants

The Government should nevertheless retain flexibility regarding the actual number of investors and average investment.

Conclusion

The Shining Pakistan Account is based on a simple proposition: Pakistanis should have the opportunity to invest their savings in Pakistan through a transparent, professionally managed and properly regulated national savings instrument.

The arithmetic is straightforward:

2,000,000 × US$5,000 = US$10 billion

But the success of the programme will not ultimately depend on arithmetic. It will depend on trust.

Trust must be created through:

• A credible return
• Strong legal protection
• Dollar clarity
• Quarterly payments
• Easy digital access
• Transparent use of funds
• Independent oversight
• A credible repayment plan

If those conditions are established, the Shining Pakistan Account could provide Pakistan with an additional channel for mobilising foreign-currency savings from its own citizens while giving participating Pakistanis a clearly defined financial instrument through which they can invest in the country’s future.

SHINING PAKISTAN ACCOUNT

From Pakistanis.

For Pakistan.

For a stronger and more financially secure Pakistan.

Syed Nayyar Uddin Ahmad
Lahore | 29 September 2026
Email: [email protected]
Website: www.snayyar.com

The writer is a senior corporate leader and strategic analyst with over five decades of experience. His thought-provoking visionary insights have reshaped global discourse, capturing the attention of world leaders. His writings have not only resonated with heads of state and governments but have also influenced the foreign policies of the United States and other major powers.