- May 21, 2006
- Reaction score
- Charity organisations have reportedly proposed help in raising funds to alleviate Pakistan's economic concerns
KARACHI: Finance Minister Ishaq Dar on Thursday gave his green signal to a reported plan by charitable organisations to help raise around $2 billion from overseas Pakistanis as the country’s economy battles challenges on the foreign exchange front.
At the National Islamic Economic Forum’s (NIEF) ‘Defining a roadmap for Islamization of Pakistan’s economy’ in Karachi, Dar advised the group of charity organisations to meet with officials of the State Bank of Pakistan (SBP) to finalise the mechanism for the proposed fund-raising, which is planned to be “interest-free” for a five-year period.
His statement came after Saylani Welfare Trust and other organisations offered to help raise $2 billion from overseas Pakistanis, a move aimed at dealing with the current economic crisis and a focus on the issue of non-opening of letters of credit (LCs) amid dollar shortage.