Friday, 15 January 2010

PAKISTAN: ‘Foreign remittances to touch $12bn this year’

Friday, January 15, 2010
ISLAMABAD: Minister for Overseas Pakistanis Farooq Sattar on Thursday told National Assembly (NA) that foreign remittances would touch $12 billion mark this year, hoping that if it continues with the same pace, the country would shortly get deliverance from foreign loans.

This year, “we have set the target for one billion dollars per month. The country would soon get rid of IMF and the other foreign funding institutions if the influx goes on with the same pace,” the minister said.

He said the Overseas Pakistanis Foundation (OFP) generates its income through the registration fee for members, fees of educational institutions and the sale of plots in its housing scheme, adding that recently the ministry has allotted 1,200 plots to overseas Pakistanis through balloting.

Sattar told the house that no scholarship scheme is being provided to the overseas Pakistanis, currently, for higher education as it would be beyond the financial capacity of the foundation. The minister said the OPF has established two schools and three colleges in Pakistan to provide education to the children of overseas Pakistanis. Source

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