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Remittances: the backbone of cash flow

Remittances: the backbone of cash flow

Interview with Mr Zaheer Ahmed — a Pakistani working in the UAE

PAGE: Tell me something about yourself, please:

Zaheer Ahmed: I am an overseas Pakistani residing in the UAE for more than 11 years. I got my all education in Pakistan. I started working in Pakistan after the completion of my education and later on got an opportunity in the UAE. I applied for the job and fortunately got the job and have been living in the UAE ever since.

PAGE: What is your take on Roshan Digital Accounts?

Zaheer Ahmed: It is good for those who want to retain money in foreign currency. Additionally they would earn handsome profit against their capital. However, I personally don’t see any benefit of the Roshan Digital Account in Pakistani Rupees. There are many Pakistanis living in the UAE who have invested in the Roshan Digital Accounts.

PAGE: How would you comment on the remittances sent by the Pakistani diaspora residing in the Gulf countries?

Zaheer Ahmed: It is huge foreign exchange around $30 billion yearly, which is being injected in Pakistan’s economy by the Pakistani diaspora. It is great benefit to our country in tandem with our exports. On the contrary, I don’t see any real prospect for benefactors who are working hard and sending money to their country. Government is not really interested to introduce any benefit for them.

PAGE: How helpful are the Pakistani diaspora living in the USA and Europe in terms of remittances?

Zaheer Ahmed: They are also helpful, however, they are mostly interested in the real estate, which is also beneficent for our economy. It bolsters our construction industry as well where millions of people are employed.

PAGE: Remittances are deemed backbone of the economy. Could you give your views on it?

Zaheer Ahmed: Remittances are the backbone of Pakistan’s cash flow at the moment. Foreign remittances are needed to pay our import bills and to pay our foreign debts installments. Our government should work harder to increase the exports as much as possible. We must export our skilled workforce to foreign countries and for that we need skilled laborers and proper training. Government should bring reforms in its education system where people not only get education but also acquire some skills which are useful in foreign countries.

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