• Friday, December 14, 2018

Pakistani expats contribute $3m to dam fund in first month

Discussion in 'Pakistan Economy' started by maithil, Oct 12, 2018.

  1. maithil

    maithil FULL MEMBER

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    Pakistani expatriates have donated approximately U$3 million to the Supreme Court & Prime Minister’s Diamer Bhasha and Mohmand Dam Fund as of October 8, State Bank of Pakistan (SBP) data shows.

    Exactly a month back on September 8, Prime Minister Imran Khan in a televised message appealed to the estimated nine million overseas Pakistanis, particularly those living in European countries and the United States, to contribute at least $1,000 to the noble cause, and warned that Pakistan could face famine-like conditions by 2025 if new water reservoirs were not built now. He also asked Pakistanis for generous donations.

    According to the SBP, a total of Rs4.653 billion (Rs4.693 billion as per the Supreme Court website) has been deposited in the special fund. Of these contributions, an amount of Rs40.599 million was donated by the Pakistani expatriates, while the remaining bulk sum of Rs4.247 billion was added by the domestic Pakistani individuals and institutions.

    Chief Justice Mian Saqib Nisar, who took the initiative of fund collection, started it on July 6.

    The central bank did not mention the overseas Pakistanis’ contributions in foreign currency and displayed the total foreign donations on its website after conversion into rupees.

    If the donations coming from abroad are changed into American dollars at the exchange rate prevalent prior to the present massive depreciation of the rupees, they add up to $3.22 million, but if they are converted into dollars at the current rate, they are just $2.972 million.

    The SBP noted that the settlement of debit and credit card transactions is based on the rates for three-month treasury bills, including for donations made in foreign currency which have been converted into rupees at the current rate. The foreign donations would be settled subsequently, therefore the rupee conversion rate may differ.

    A $14 billion is required for the construction of the Diamer Bhasha dam. Its cost shot up by at least Rs1,400 billion because of devaluations to the rupee.

    Inside Pakistan, the contributors made donations using cheques, cash and mobile phone texts. An amount of Rs95,429,670 was received through the SMS services of the four cellular companies operating in Pakistan.

    The overseas Pakistanis transmitted their donations through debit and credit cards, and in the SBP Nostro account and commercial banks overseas.

    The maximum foreign donations have come from Pakistanis living in the United States. They contributed Rs149,103,566. Pakistani expatriates in Britain gave Rs 37,834,847. Pakistanis in the United Arab Emirates donated Rs41,214,667.

    Other major donations were made by overseas Pakistanis residing in Saudi Arabia (Rs37,834,847), Canada (Rs36,400,302), France (Rs4,347,932), Qatar (Rs33,608,137), Hong Kong (Rs12,738,441), Italy (Rs1,263,925), Germany (Rs9,176,875), Australia (Rs9,668,626), Spain (Rs1,252,602), Kuwait (Rs2,056,725) and Singapore (Rs2,402,225).

    Overseas Pakistanis living in several other countries also made contributions. These states included: Afghanistan, Austria, Azerbaijan, Bangladesh, Belgium, Brazil, Brunei, China, Denmark, Dominican Republic, Finland, Fiji, India, Ireland, Jordan, Japan, Kyrgyzstan, Maldives, Malaysia, Netherland, New Zealand, Nigeria, Norway, Oman, Peru, Philippines, Russia, South Korea, South Africa, Sweden, Tajikistan, Turkey, Thailand and Tunisia.

    While issuing the appeal, the prime minister had stated that the Pakistanis working in the Middle East and other countries should contribute according to their capacity. “Eight to nine million Pakistanis are living overseas. Their contribution will not only help build the dams but also improve the foreign exchange reserves that are at a low level,” he said.

    However, the Pakistani expatriates’ response has so far been below the mark during the first month of Imran Khan’s appeal.

    The government planned to send delegations to foreign countries to persuade overseas Pakistanis to donate to the dam fund. Sometime back, Senator Faisal Javed Khan was seen in a picture, shared on the social media, meeting some Pakistanis in Dubai for the purpose. It was stated that contributions of $700,000 were pledged. After that, no delegations of the ruling party have traveled overseas to raise donations.
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    https://www.thenews.com.pk/print/379990-pakistani-expats-contribute-3m-to-dam-fund-in-first-month
     
  2. maithil

    maithil FULL MEMBER

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    Tremendous response by Overseas Pakistanis. 3 million dollars in one month is no joke. It will take just 3000 months to collect 9 Billion dollars.
     
  3. Death Professor

    Death Professor FULL MEMBER

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    3 million $ way too low, not worth Imran Khan's appeal. He should have listened to Asad umar in this matter and shouldn't have gone for that appeal...
     
  4. SunilM

    SunilM FULL MEMBER

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    So amount deposited is 3 million dollars in a month which gets wiped off in a days devaluation many times over. Yes, thats the way to build a dam.
     
  5. maximuswarrior

    maximuswarrior SENIOR MEMBER

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    This is no big deal at all. At least he tries and his intentions are pure. Has Nawaz Sharif or Zardari ever given thought to water problems in Pakistan? Children die each year due to lack of clean drinking water. That is shameful. Collecting donations to save lives isn't shameful. Every cent collected counts.

    Imran Khan needs to take a lesson here. Why is the response not adequate and what could be done to avoid such a response the next time. Often the complaint is that paying the donation is too tedious of a task abroad.

    Meanwhile the dam initiative should continue. If not through donations it should continue through other means.

    Without dams and water Pakistan is doomed.
     
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  6. ziaulislam

    ziaulislam SENIOR MEMBER

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    what are we going to do with 9 billion dollars. The cost is 3.7 billion dollars.
     
  7. SunilM

    SunilM FULL MEMBER

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    What matters is ability. If you think following IMF diktat and devaluing currency is ability then sure he will be successful in building the dam.
     
  8. Death Professor

    Death Professor FULL MEMBER

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    Tou kiya modi ki trah logoon ko mashwarraa dien k guttar k pani se gas bunana shroo kar dien? Yeh hai ability? Kam az kam priorities ka tou pata hai na.

    38% of Indian children are malnutritioned, 45 % of Pakistani children are malnutritioned, lekin PM ko priority ka pata hai tabhi bar bar highlight kar raha hai. Wo koi chai bananay walla nahi hai jo pakooray bechnay ko bhi successful buisness manta hoo...

    And you do realize your 38% is way higher than our 45%. Hum logoon ko ye cheezein fix karnay me time nahi lagay ga kiyonke population kum hai. Lekin tumharay PM ki tou priorities .....
     
  9. SunilM

    SunilM FULL MEMBER

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    The fact remains that 3 Million dollars is peanuts. And that when the Appeal is still fresh and only a month has passed. Shows his ability in understand how the economy of Pakistan works. Maybe he will realize building a DAM a different from building Shaukat Khanam. If he doesnt.... then how does that new number from Donkey raja goes... baaje ga baaja....
     
  10. maximuswarrior

    maximuswarrior SENIOR MEMBER

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    The ability is there. This is only a start. The start is already very promising. Over 3 billion dollars have been collected and that is by no means peanuts.

    Who the fvck said that IMF is a done deal? Talks don't mean a deal. There is no harm in talking and putting all options on the table.

    Secondly, devaluing the currency has many benefits. You need to study economics before letting your mouth loose.

    You just worry about your own mess. From mass rape to a collapsing rupee and a crashing stock exchange.

    What the fvck do you even know about Pakistan? You have probably never set foot in this country and you talk like you are some fvcking authority LOL Just mind you own fvcking business.
     
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  11. SunilM

    SunilM FULL MEMBER

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    Gosh, your belief in the man has blinded you or what...its Million with a 'M'. Mr Khan claimed Billions will flow, But like his other promises, we know he is seeking loans from everywhere. You have heard his Khudhushi speech haven't you?
     
  12. maximuswarrior

    maximuswarrior SENIOR MEMBER

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    You stupid fvck. I am referring to the total sum in its entirety. Not only the 3 million that expats have contributed from abroad.
     
  13. SunilM

    SunilM FULL MEMBER

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    You dig you own grave don't you. This is for you... Khuda ka to khaauf kar le!

     
  14. 313ghazi

    313ghazi SENIOR MEMBER

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    People are donating on a monthly basis and as work starts people will donate more and more. There are 6 million overseas Pakistanis and most of them are working class people who's priority is supporting their families.