Remittances utilisation

The PM has hailed the record $4.1 billion in remittances received during the month of March. A chunk of these record foreign remittances should be utilised towards paying off our most expensive or costly debt. If we can manage to pay off $8 billion to $10 billion of our most expensive debt with this inward flow, that would be very beneficial for our financial market. We must also continue with the import compression policy to the greatest extent possible. Specifically, I would urge the government to encourage the automobile assemblers to promote and market smaller, more efficient vehicles, including hybrid, hybrid-electric and fully-electric vehicles. These would be a good substitute for less fuel efficient and more expensive imported cars.

Abbas R Siddiqi

Lahore