Federal Minister for Finance and Revenue, Shaukat Tarin, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet today.
The meeting was informed that to continue the positive trajectory of remittances, the State Bank of Pakistan (SBP) will introduce a mobile application, NRLP, named after National Remittance Loyalty Program (NRLP).
The app will offer incentives/rewards to overseas Pakistani against each remittance transaction in accordance with pre-set criteria.
The application will be formally launched towards the end of October 2021.
The Secretary of Finance made a detailed presentation on National Remittance Loyalty Program (NRLP) before the Committee. He stated that remittances form the backbone of the economy.
The proactive policy measures by the Government and the State Bank of Pakistan (SBP) have incentivized the overseas Pakistanis and encouraged them to remit their hard-earned money through formal channels.
This has contributed to achieving a record remittance of $29.4 billion in the last fiscal year. It’s a clear reflection of confidence in Pakistan’s economy by overseas Pakistanis.
After due deliberations, the ECC approved the structure and estimated the financial impact of the NRLP with a view to incentivize remitters to transfer funds through the formal channels thus further strengthening the inflow of remittances.
The Finance Minister was directed to exercise due diligence before the launch for seamless integration with all service providers to ensure smooth working of NRLP.
Federal Interior Minister, Sheikh Rasheed Ahmed, Federal Minister for Privatization, Muhammad Mian Soomro, Federal Minister for Energy, Hammad Azhar, Federal Minister for Planning and Development, Asad Umar, Advisor to the PM on Commerce, Abdul Razak Dawood, Advisor to the PM on Institutional Reforms and Austerity, Dr. Ishrat Hussain, SAPM on Power & Petroleum, Tabish Gauhar, SAPM on Finance and Revenue, Dr. Waqar Masood, Federal Secretaries, and other senior officers participated in the meeting.
Governor SBP, Dr. Reza Baqir, also participated through a video link.