ISLAMABAD: Minister for Overseas Pakistanis Chaudhry Salik Hussain has said that overseas Pakistanis in Saudi Arabia, United Arab Emirates (UAE) and other countries would soon have access to an online facility for the transfer of property in Pakistan, Pakistani state media reported on Friday.
Pakistanis living abroad remit billions of dollars back home annually, which play a major role in supporting Pakistan’s external account, especially at a time when the country is grappling with an economic crisis that has weakened its currency and caused its foreign exchange reserves to plummet.
Hussain said the online property transfer facility would initially be made available for Pakistani expatriates residing in Saudi Arabia, United Arab Emirates, United States, United Kingdom, Italy and Spain, the state-run Radio Pakistan broadcaster reported.
“Property transfer complaints would be resolved within 20 days,” the minister was quoted as saying by the broadcaster. “Problems with the power of attorney would also be resolved soon.”
Pakistani expatriates sent a total of $3.2 billion in May that recorded an increase of 15.3 percent on a month-on-month basis and by 54.2 percent on a year-on-year basis, according to figures shared by the State Bank of Pakistan (SBP).
Saudi Arabia and the UAE have consistently remained top contributors of foreign remittances to the South Asian country and accounted for more than $1.5 billion in May.
Cash-strapped Pakistan is currently looking to clinch a staff-level agreement with the International Monetary Fund (IMF) for more than $6 billion bailout this month after addressing all of the lender’s requirements in its annual budget, its junior finance minister said this week.
The South Asian country has set challenging revenue targets in the budget to win approval from the IMF for a loan to stave off another economic meltdown, more than a year after averting a sovereign default.
Pakistan to launch online property transfer facility for overseas Pakistanis in Saudi Arabia, UAE
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Pakistan to launch online property transfer facility for overseas Pakistanis in Saudi Arabia, UAE
- Pakistanis living abroad remit billions of dollars back home annually, supporting Pakistan’s external account
- Chaudhry Salik Hussain says the facility will help resolve property transfer complaints within a period of 20 days
Pakistani, Bangladeshi officials discuss trade, investment and aviation as ties thaw
- Pakistan and Bangladesh were once one nation, but they split in 1971 as a result of a bloody civil war
- Ties between Pakistan, Bangladesh have warmed up since last year and both nations have resumed sea trade
ISLAMABAD: Pakistan's High Commissioner to Bangladesh Imran Haider on Sunday met Chief Adviser Muhammad Yunus in Dhaka, the latter's office said on, with the two figures discussing trade, investment and aviation.
Pakistan and Bangladesh were once one nation, but they split in 1971 as a result of a bloody civil war, which saw the part previously referred to as East Pakistan seceding to form the independent nation of Bangladesh.
Ties between Pakistan and Bangladesh have warmed up since former prime minister Sheikh Hasina’s ouster as a result of a student-led uprising in August 2024. Relations remain frosty between Dhaka and New Delhi over India’s decision to grant asylum to Hasina.
Pakistan has attempted to forge closer ties with Bangladesh in recent months and both South Asian nations last year began sea trade, followed by efforts to expand government-to-government commerce.
"During the meeting, both sides discussed ways to expand cooperation in trade, investment, and aviation as well as scaling up cultural, educational and medical exchanges to further strengthen bilateral relations between the two South Asian nations," Yunus's office said in a statement on X.
In 2023-24 Pakistan exported goods worth $661 million to Bangladesh, while its imports were only $57 million, according to the Trade Development Authority of Pakistan. In Aug. this year, the Pakistani and Bangladeshi commerce ministries signed a memorandum of understanding to establish a Joint Working Group on Trade, aiming to raise their bilateral trade volume to $1 billion in the financial year that began in July.
The Pakistani high commissioner noted that bilateral trade has recorded a 20 percent growth compared to last year, with business communities from both countries actively exploring new investment opportunities, according to the statement.
He highlighted a significant increase in cultural exchanges, adding that Bangladeshi students have shown strong interest in higher education opportunities in Pakistan, particularly in medical sciences, nanotechnology, and artificial intelligence. Haider also said that Dhaka-Karachi direct flights are expected to start in January.
"Chief Adviser Professor Muhammad Yunus welcomed the growing interactions between the two countries and emphasized the importance of increased visits as well as cultural, educational and people-to-people exchanges among SAARC (South Asian Association for Regional Cooperation) member states," the statement read.
"Professor Yunus also underscored the need to further boost Bangladesh–Pakistan trade and expressed hope that during Mr. Haider’s tenure, both countries would explore new avenues for investment and joint venture businesses."
