April 13, 2001: Chief Executive Gen Pervez Musharraf here on Friday directed the officials of the Overseas Pakistanis Foundation (OPF) to rightsize the organization and prioritise its various functions.

Presiding over a meeting here he also approved introduction of a pension scheme for overseas Pakistanis to be launched from July 1 this year. The scheme will offer different packages of pensionary benefits to Pakistanis working abroad.

Under the minimum package, an overseas Pakistani will contribute approximately $30 per month for a period of 10 years towards the Pension Fund. At the end of the 10-year period, he or she will be entitled to a life-long pension of Rs3,300 per month. Procedures for the pension scheme are being finalized in consultation with the Ministries of Finance and Foreign Affairs.

The chief executive was informed that the OPF was also finalizing an insurance plan for overseas Pakistanis, the details of which would be announced shortly.

He approved a proposal to reserve quota of plots for overseas Pakistanis in all further housing schemes to be floated by the development authorities and municipal corporations in the country. He also approved allocation of 100 seats in professional colleges of the country for children of overseas Pakistanis on self-financing basis. Admissions against these reserved seats would, however, he based on merit for which a transparent procedure will be announced.

In another meeting he directed the heads of banking institutions to intensify efforts to enhance foreign exchange remittances by non-resident Pakistanis through regular banking channels. He said the gulf between the total foreign remittances coming into Pakistan and the amount coming through regular banking channels was too wide. There is a need, he said, to create both awareness and motivation amongst Pakistanis living abroad to send remittances to their families through banking channels which is as much in the interest of the country as in their own personal interest.

Addressing the bankers at a conference to review economic and financial issues and consider measures to enhance foreign remittances, he said there could not be a better environment than the one today for the bankers to work professionally and freely without any intervention. He said the heads of the nationalized commercial banks had shown visible improvements in their respective institutions but there was a need for all of them to work as a team to help revive the national economy by developing a positive and business-friendly attitude.

He said all bankers working with commitment, dedication and taking decisions in their best professional judgment should have no fear of any adverse action. His government, he said, would extend them every support and encouragement.