ISLAMABAD: The IMF has reportedly told the Pakistan side during a policy meeting that the country owes several billions of dollars to bilateral and multilateral donors, individual countries and international organisations by June 2023, say sources.
Interestingly, while the government is short of dollars, Pakistani elite business groups and other rich individuals are loaded with dollars stocked at their homes and in non-interest-bearing foreign exchange accounts.
Given our culture and level of morality, ethics and loyalty to Pakistan, Pakistanis hoarding dollars are not expected to voluntarily come to the country’s assistance in these difficult days.
It is, therefore, proposed to offer substantial incentives to bring out these dollars to meet Pakistan’s urgent requirements and avoid our economic collapse.
The government may offer the following incentive packages: allow Pakistanis hoarding dollars to open interest-bearing dollar bank accounts at 7.5% per annum. These bank accounts may be held for up to five years with full security guarantees. There would be amnesty or no question on the source of dollars.
The government would be able to raise several billion dollars to meet its obligations towards its donors and friendly countries. The Pakistani government is already allowing expatriate Pakistanis to open interest-bearing dollar accounts in the State Bank of Pakistan. As to amnesty for the source of income, the Pakistani government has been quite generous in giving amnesty to all sorts of income since the late 1960s as an important component of its economic policies.