President for increasing remittances through incentives Calls for introducing crop insurance scheme
Karachi: The President today held two separate meetings, one with the money exchange companies and the other on crop insurance in Bilawal House Karachi.
The meetings were also attended by Governor Sindh Ishratul Ibad and senior federal and provincial government officials.
Spokesperson Farhatullah Babar said that talking to the representatives of leading money exchange companies the President said that the government had given increased incentives to expatriate Pakistanis to remit foreign exchange to Pakistan.
He said the government recognized this sector of economy and wanted to strengthen it further through a policy of ‘recognize, incentivize and patronize’.
The President said that foreign remittances during 2007 were around 6 billion dollars which have increased to 11 billion dollars now due to the policy of incentives. The President said that there was great potential of further increasing the foreign remittance, which could cross the 15 billion dollars a year mark if the expatiate Pakistanis were offered adequate incentives. The President called upon the money exchange entrepreneurs to improve their services and play a more pro-active role.
The meeting on crop insurance was attended by Chairman State Life, representatives of ZTBL, State Bank, Finance Ministry and other senior officials.
The President said that the crop damage due to floods may be a recurring feature due to climate change and it is necessary to introduce crop insurance scheme in Pakistan.
He said that APTMA delegation which called on him last night had framed same proposals for crop insurance.
The President directed that the State Life and State Bank should work together with other stake holders and submit proposals to the government for crop insurance and reinsurance in the commodity market, Farhatullah Babar said.
The President said that modern mapping technology was available which could be employed to great advantage in crop insurance by offsetting the possibility of wrong claims.
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