Daily Times

Towering to a record level of $2.8 billion for more than 10 months now, overseas Pakistanis continue to surprise everyone by sending far more money back home than ever before. It is more heartening to see the phenomenal trend defy all pessimistic forecasts. After all last year, the World Bank had predicted a fall of 23 per cent, while the Asian Development Bank had estimated a contraction of 26 per cent.

Considering the efficacy of the central bank in blocking all informal money transfers (thanks to FATF’s conditions), more and more expatriates are opting for digital transfers. For this renewed trust in the Roshan Digital Account, the government is rightfully beating the drum. The opposition may call it a silver lining of never-ending travel restrictions, but causing a dent in the heavy-duty hundi and hawala network was no small feat. PM Khan is spot-on in praising overseas Pakistanis as the “greatest asset.” To all intents and purposes, their “faith in Naya Pakistan” has not only buttressed the fragile economy in the last year or so, but also helped pay the import bill at a time when stagnating exports, sluggish business activity and nosediving aid reign supreme.

However, no amount of gratitude can make up for the state’s failure in putting this hard-earned money to viable use. If our overseas workers have been standing firm behind their motherland for several years now, why does Pakistan still find itself precarious enough to knock at the notorious “ICU of economies.” Yes, the positive spiral has helped the country post a positive payments balance even when giants like India were having some trouble with currency “wrapped with care.” Nevertheless, the dismal reality remains that the welcome surge has not yet been translated for the utility of the masses. Though the Pakistani rupee does show some strength in the currency market, the greenback is still a force majeure. Why haven’t these valuable savings been directed to develop industry; keep tabs on skyrocketing prices and boost exports? The government cannot afford to be a sitting duck as the inflow of wads of cash into households contributes to demand-pull inflation. Such tilting of balance won’t do!

It cannot be denied that most of this uptick goes to the credit of the goodwill of the ruling PTI among Pakistanis living abroad. Ergo, there is a stupendously greater need to employ this godsend treasure to transform our economy. Who knows how long this saving grace will last? As the world gears up to the new normal and flights start operating, as usual, there would be a regular flow of international traffic. Quite expectedly, people would once again start carrying cash in their luggage. In order to stop this return to pre-pandemic business, we need the carrot of financial incentives and the stick of stricter customs controls. *