President says government wants to strengthen foreign exchange remittances

Karachi: President Asif Ali Zardari says government given increased incentives to expatriate Pakistanis to remit foreign exchange and recognized this sector of economy which will be further strengthened by policy of “recognize, incentivize and patronize.”

He said this Saturday in meeting with money exchange companies at Bilawal House. Sindh Governor Ishratul Ebad Khan and senior officials attended. Zardari said foreign remittances in year 2007 were around $6 billion and risen to $11 billion now due to policy of incentives.

He said there was great potential of further increasing foreign remittances, which could cross $15 billion a year mark if expatiate Pakistanis were offered adequate incentives. He asked money exchange entrepreneurs to improve services and play more pro-active role.

Later in meeting on crop insurance attended by Chairman State Life, Zarai Taraqqiati Bank, State Bank, Finance Ministry and other officials, President said crop damage due to floods may be a recurring feature due to climate change and it is necessary to introduce a crop insurance scheme in the country.

On Friday night All Pakistan Textile Mills Association APTMA delegation which called on him gave same proposal for crop insurance. Zardari directed that State Life and State Bank should work together with other stake holders, submit proposals to government for crop insurance, reinsurance in commodity market. Modern mapping technology is available which could be employed to great advantage in crop insurance by offsetting possibility of wrong claims.

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