Federal Minister for Finance, Revenue, and Economic Affairs Asad Umar said the government has decided in principle to launch Diaspora and Sukuk bonds.
Speaking in the Senate, the Finance Minister said that Prime Minister Imran Khan will chair a high level meeting on Monday to discuss the issues relating to currency smuggling and money service providers. Asad Umar said some other initiatives will also be taken to improve the flow of remittances to the country and we have to take definite actions before the next meeting of FATF.
He said 3 or 4 years back, the overall remittance growth was going good and the government controlled current account deficit that has become stagnant now. The main reasons of decline in flow of foreign remittances are fiscal and labor reforms introduced in Saudi Arabia and Oman which have already affected overseas Pakistani living in these countries, he told.
He said Saudi Arabia government has bring many reforms in their polices of overseas labor, charges and tax have been increased due to which number of Pakistani labor in Saudi Arabia have been decreased.
Responding to a question regarding the involvement of money changers in the illegal mean of money transferring, the Minister said, the area of financial growth is very important for the government as well and the system of mobile money transferring is being launched that need to be advertised to get rid from the issues faced during money changing. Mobile wallets have the facility of remittance so there is no need to go back to your house to give money, he added.