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October 5, 2019

Money sent abroad cannot be brought back: Shabbar

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October 5, 2019

ISLAMABAD: The Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Friday said that $6 billion was remitted out from Pakistan per annum in last 20 years out of which 85 percent was sent out legally so it could not be brought back.

“The practice of sending out money abroad is still continuing as almost every wealthy Pakistani possessed assets and property abroad and a house in Dubai,” Shabbar Zaidi said while addressing a seminar on economic prosperity and role of enterprises here.

The FBR chairman said that the wealth was remitted out substantially from Pakistan during the decade of 90s and investors were also settled in other foreign countries. Before coming into power by the PTI, he said that money laundering had never become an issue in Pakistan.

He said that the major cause for low investment was money laundering. He said that the wealthy people considered their money not fully protected in the country. He said that now this concept was changing after coming into power by the incumbent regime as people started discussing money laundering, under-invoicing and hundi/hawala.

The FBR chairman said that no investor could make decision for investing on the basis of two to three years but such decisions were made keeping in view next 50 years. He said Indian threats brought stability into the country as the nation stood united now. He said that there was no stability as much required in economic hub of Karachi. He said that investment required political stability and continuity in policies.

The World Bank’s Country Director in Pakistan Patchamuthu Illangovan (Illango) said population growth was doubled than economic growth and the country would have to control increasing population. “Pakistan’s economy has been facing different problems, but the government has set right kind of priorities to fix the problems,” he added.

Pakistan, he said, was spending less on social sector such as education and health compared to other regional states because Islamabad utilised more resources on defence and debt servicing and left just 30 percent for all other areas. He said that the government was making efforts to maximise revenues.

He said that Pakistan was making efforts to modernise its agriculture sector as productivity enhancement was required for all major crops. He said the productivity of rice and wheat was more in Pakistan during decade of 80s than China and Vietnam. He said Karachi is economic hub of the country but its facing severe infrastructure constraints. He said there was need to promote regional trade. Pakistan, he said, improved its ranking by making progress in six areas.

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