Imran Khan has hammered the nation with innumerable assurances that he has the capacity to lure Expat Pakistanis into flooding Pakistan with billions of dollars as soon as he comes to power. This primary dream like others shown by IK have already turned into a wishful claim. The facts on ground have shown to be strikingly different since he assumed power two months back.
Riding on the assumption that Expat Pakistanis will remit billions of dollars after Khan and his financial wizard Asad Umar exhorted ExPats to remit at least one thousand dollars each through banking channels apparently to sustain Forex Reserves have yielded near zero results.
In Aug 2018, the first month after elections & Prime minister pleading calls, Ex-Pat remittances increased by a paltry 4.24 percent compared to Aug 2017, as per State Bank Data. Even this increase may be attributed to normal yearly growth and Eid-e-Qurban falling in August.
Comparably, remittances grew by over 25 percent in the month of July ie before July 25 elections. So its clear the Ex-Pat community didn’t echo Khan’s appeals.
This lack lustre approach of Pakistani ExPat community is further sealed by the fact only ONE PERCENT of the eligible ExPat voters actually cast their votes in By-Elections in first ever option given to them thru E-Voting. Just about 5000 expats out of total of 500,000 or so eligible voters actually voted in the By Elections.
With this abysmal disinterest in Pakistani Politics, the PTI government must become very clear that if they are even not interested in voting how they can be wooed to part with their hard earned cash. Imran Khan was perhaps bullish on this ExPat resource basing naively on his success with them in raising alms for Shaukat Khanum Trust over the last 20 years.
This lack lustre approach of Pakistani ExPat community is further sealed by the fact only ONE PERCENT of the eligible ExPat voters actually cast their votes in By-Elections in first ever option given to them thru E-Voting. Just about 5000 expats out of total of 500,000 or so eligible voters actually voted in the By Elections
But even for SKMT which peaked at about Rs. Three billion (USD 22 million) of total donations both from Ex-Pats and from within Pakistan last year. Out of this amount the Clear quantum of Ex-Pats donations is not clear though. But these donations had nothing to do with political strings or nationalist chants. These were purely for humanitarian motivations and USD 22 million or so is maximum yearly collection the brand Imran Khan could muster.
Now compare this paltry SKMT annual collection with Billions of dollars IK has assured the nation to raise from ExPats and it looks to be extremely exaggerated when seen in light of real trends during the first two months of new Government, it looks to be hollow claims with negligible results.
And when one looks at the Ex-Pat donations in Dam Fund endorsed jointly for the CJ and IK and targeted at a real national threat, one becomes clearer how this Ace is proving to be a Joker. According to reported data the share of Ex-Pats in total donations for Dam is less than 5 percent of the total. Only about Rs. 57 Lakhs (Just 50,000 USD) one time were contributed by USA based Expats till Sept for Dam Fund which remit half a billion dollars every month for their personal consumption. That’s .0001 percent of what they remit every month to their homes.
The real strategy for luring more Ex-Pat dollars perhaps lies in real financial incentives to them. The recent Ex-Pat package given by PTI Govt. appears to be lacking tangible incentives. Green Channels and better and preferential access to public services thru special Ex-Pat cards issued by NADRA, separate and higher markups offered to them in government bonds and National saving certificates 3-5 percent above market rates because they bring dollars and are paid in rupees.
On top of that Housing societies built on Govt Lands with initial development done by Government and subsidized Plots (75 percent of the comparable private housing) given to Ex-Pats under government guarantees against fraud. Besides 10 year Tax holiday offered to deep pocket out of them in Greenfield and Brownfield industries. Capital only chase security and incentives, it lacks ears for dreamy exhortations and hopes.
The Author is a APNS awarded Investigative Journalist
Published in Daily Times, October 22nd 2018.