Year 2021: Harbinger of Glad Tidings For Economic Growth in Pakistan
ITFC Financing Plan, appreciation of Pakistani Rupee in interbank session, and success of Roshan Digital Account can help economic growth of the country
The year 2021 has been the harbinger of glad tidings for Pakistan in terms of economic growth-and-boom with the International Islamic Trade Finance Corporation (ITFC) Financing Plan, appreciation of Pakistani Rupees (PKR) in interbank session, and success of the Roshan Digital Account (RDA).
The government of Pakistan signed an Annual Financing Plan with ITFC, a subsidiary organization of Islamic Development Bank, and agreed to enhance the portfolio of the country including the agricultural sector.
The plan worth $1.1 billion is to be utilized by Pakistan State Oil (PSO), Pak-Arab Refinery Ltd (PARCO), and Pakistan LNG Ltd (PLL) for the import of crude oil, refined petroleum products, and liquefied natural gas (LNG).
On the other hand, RDA initiative has shown impressive results and fetched over $554 million in remittances in the last few months.
The momentum of RDA has been picking pace with over 92,500 accounts activated in the past months.
Prime Minister Imran Khan also expressed satisfaction over the external inflows through RDA.
I want to thank our Overseas Pakistanis for responding so strongly to SBP’s #RoshanDigitalAccounts. 87,833 accounts opened from 97 countries around the world. $500 million sent to Pakistan in just 5 months. Momentum continues to rise with $243 million coming in last 6 weeks alone
— Imran Khan (@ImranKhanPTI) February 16, 2021
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RDA, a joint initiative of the government and State Bank of Pakistan, was meant to attract millions of overseas Pakistanis by offering higher returns.
Furthermore, the Pakistani Rupee appreciated against United State Dollar (USD) in interbank session by 13 paisas.
According to the reports, the dollar fell from 158.89 to close at 158.76 on Wednesday.
The rupee traded within a very narrow range of 15 paisas per USD showing an intraday high bid of 158.83 and an intraday low offer of 158.73.
Notably, the dollar fell by almost Rs 10 since August last year.
As per sources, the recent good news of the dollar dropping can help reduce the debt burden by Rs 1,096 billion.
