RDA Deposits Reach One-Third of IMF Loan Amount
In the first seven and half months of the current year, the inflows in the overseas accounts rose by $1.754 billion
The deposits in Roshan Digital Account (RDA) by overseas Pakistanis have reached one-third of the amount promised by the International Monetary Fund (IMF).
RDA crossed $2 billion mark in the 11th month of its launch in September last year.
On August 13, RDA peaked at $2.004 billion while it stood at $1.869 billion in July. In the first seven and half months of the current year, the deposits in the overseas accounts rose by $1.754 billion.
State Bank of Pakistan (SBP) shared another milestone by RDA on its Twitter handle.
As Pakistanis all over the world celebrated country’s Independence Day, #RoshanDigitalAccount crosses the historical milestone of $2bn in deposits. A big thanks to Overseas Pakistanis for their overwhelming response to the RDA initiative. https://t.co/HdkFj9DQHP pic.twitter.com/8nxNCZPXko
— SBP (@StateBank_Pak) August 15, 2021
As the data was released, overseas Pakistanis also congratulated the PTI-led government and the central bank on the achievement.
The financial experts said that if the inflows of remittances by overseas Pakistanis continue at the same pace, the country would soon overcome various problems that are resultant of low foreign reserves.
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Notably, Pakistan entered a $6 billion loan agreement with IMF in 2019 which comes with tough conditions.
They said that the deposits in RDA have reached one-third of the loan amount by IMF and the government should take more initiatives to attract overseas Pakistanis to invest in their own country instead of anywhere else.
