PAKISTANI expatriates in the Kingdom are appealing to their community members to use their remittances to prop up the country's economy. Pakistan needs at least $4 billion to avoid defaulting on its foreign debts. The country is facing economic turmoil after the rupee plunged to an all-time low in October, the balance of payments deficit widened. The IMF agreed in principle to a billion dollar economic stabilization plan for Pakistan during a week-long meeting with Pakistani officials in Dubai. “The situation has worsened now due to the earthquake,” said Junaid Ahmed, a Pakistani IT expert in the Kingdom. “The time has come for overseas Pakistanis to help their country,” he said. Ahmed said every Pakistani citizen should act in whatever capacity he can to sustain the economy. “There is a lack of trust everywhere; nobody wants to take an initiative to help the country,” he said. Jalil Khan, a Pakistani expatriate, said: “The solution is simple: If each Pakistani family starts sending a minimum of SR1,000 a month to its account in Pakistan then the foreign exchange reserves will get a boost.” “This will not be a charity as we are not donating to the government. The money will be safe in our accounts. This is what we did in 2005 and we are proud of it,” Khan said. In 2005, an earthquake devastated Kashmir and northern Pakistan, killing about 75,000 to 80,000 people and leaving thousands homeless. Pakistani expatriates in the Kingdom collected huge relief funds for those affected by the earthquake. Tahir Majeed Butt, head of the online banking channel of Al-Rajhi Bank and founder of ‘Virtual NGO - Contact Pakistan', urged Pakistani expatriates to deposit a remittance of SR1,000 per person in a Pakistani bank. “Sending money and then spending it would not make any difference. Keeping it in the bank for at least six months will help,” he said. Butt said he would transfer SR5,000 in his bank account in Pakistan and will not withdraw for six months. “We lose nothing but our country will gain from this,” he said. Abdul Qayum Ghouri, trading manager of Refined Petroleum Products and ISO management representative in Saudi Binladin Group, supporting the ‘SR1,000 per person' solution, said that personal differences should be ignored for a greater cause – the cause of Pakistan. “We should not close our eyes and wait for the disaster to happen. Ultimately, we will be the victims. In order to avoid such miseries we must stand up and act promptly,” said Ghouri. “This will ensure our self-respect and dignity,” he added. Dr. Yasir Khan, a Pakistani expatriate, appealed to overseas Pakistanis to send their remittances in the ‘hour of need'. “I have transferred $1,000 on behalf of each family member for the financial stability of our motherland. I hope everyone joins me in this initiative,” he said. Khan said it is a ‘make it or break0 it' situation for the country. “This spontaneous action by Pakistanis can inject a new blood in the economy and will ultimately break the ‘begging bowl' once and for all,” he said. Col. Riaz Jafri (Retd), of the Asia Computer Society of Pakistan and Overseas Pakistanis, said politicians should also take similar initiatives and set an example for the rest. “Saudi Arabia is among those countries that has always helped Pakistan in the most crucial times. Once again, Pakistani expatriates in the Kingdom hope the same from their brother country,” said Majid Abdul Lateef, a telecommunication engineer in Jeddah. __
