ADDRESSING a Webinar on Tuesday, former Chairman FBR Shabbar Zaidi disclosed that $150 billion owned by Pakistani businessmen are stashed in foreign bank accounts, earning meagre profits because of lower interest rates. A similar kind of revelation was made by former Finance Minister Ishaq Dar in the past but he later distanced himself from it, for reasons best known to him.
But the disclosure made by the former Chairman FBR holds substance given the fact that he knows and has also personally interacted with those businessmen who are keeping this massive amount in foreign banks. Chartered Accountancy firm A.F. Ferguson had also presented a report before the Supreme Court about two years ago which stated that Pakistanis own properties worth billions of dollars in the UAE alone. Soon after assuming office, Prime Minister Imran Khan had expressed the commitment to retrieve this amount and had also constituted a Committee for this purpose. However, despite the passage of almost two and a half years, no progress could be seen towards that end. Amnesty schemes also failed to yield any positive results. In our view, there is a dire need to review the policy and shifting the focus from targeting the political opponents to retrieving the amount stashed abroad. Firstly, it must be acknowledged that the money remitted out from Pakistan and creation of any assets abroad is not illegal. Anybody has the right to send money abroad and purchase properties there, if done so within the parameters of law. Indeed those who illegally transferred the money and tried to evade taxes must be taken to task with the cooperation of other countries. But those who have accumulated the wealth through fair means must be wooed to come back to the country and invest in different sectors. This will give a major boost to our economy and free the country from the shackles of international financial lenders. The services of Shabbar Zaidi should be used to engage with those businessmen to address their apprehensions and if need arises another amnesty scheme may be announced for them. If the government manages to bring back even half of the amount stashed abroad, it will be sufficient to address our economic woes.
