Shaukat Tarin, the Federal Minister of Finance and Revenue, presided over today’s meeting of the Cabinet’s Economic Coordination Committee (ECC).
The State Bank of Pakistan (SBP) would create a mobile application, NRLP, named after the National Remittance Loyalty Program, to sustain the positive trajectory of remittances, according to the meeting (NRLP).
According to pre-set parameters, the app will offer incentives/rewards to abroad Pakistanis for each remittance transaction.
Towards the end of October 2021, the application will be formally launched.
Before the Committee, the Secretary of Finance gave a detailed presentation on the National Remittance Loyalty Program (NRLP). He claimed that remittances are the economy’s backbone. The government and the State Bank of Pakistan (SBP) have taken strong policy measures to encourage abroad Pakistanis to send their hard-earned money through legitimate channels. This helped the country reach a new high of $29.4 billion in remittances in the previous fiscal year. It’s a strong indication of foreign Pakistanis’ faith in the country’s economy.
After careful consideration, the ECC approved the structure and calculated the NRLP’s financial impact in order to encourage reinvestment.
The ECC authorised the framework and calculated the financial impact of the NRLP after careful consideration in order to encourage remitters to transfer monies through formal channels, thereby bolstering the inflow of remittances.
Before the introduction, the Finance Minister directed that due diligence be conducted to ensure seamless integration with all service providers.
Sheikh Rasheed Ahmed, Federal Minister of the Interior, and Sheikh Rasheed Ahmed, Federal Minister of Privatization, Federal Ministers of Energy Muhammad Mian Soomro and Hammad Azhar, Federal Ministers of Planning and Development The meeting was attended by Asad Umar, PM’s Commerce Advisor, Abdul Razak Dawood, PM’s Institutional Reforms and Austerity Advisor, Dr. Ishrat Hussain, SAPM on Power & Petroleum, Tabish Gauhar, SAPM on Finance and Revenue, Dr. Waqar Masood, Federal Secretaries, and other senior authorities.