SOS Suggestions to Jump Start Economy of Pakistan

Dear Mr. Prime Minister Muhammad Shahbaz Sharif Sahab.

AoA.

Sir,

Moody’s downgrades Pakistan’s rating to Caa1.

Extremely adverse comments from International Ratings agency Moody’s on Pakistan’s current economic situation. They have also predicted bleak picture of Pakistan’s economy.

In this regard, if somehow, foreign currency is channelised into Pakistani banks the situation can suddenly improve.

In this connection, like the government is already giving an annual profit of 6.75% (payable bi-annually) on Pakistan Banao Certificates, with full guarantee of government of Pakistan, we can easily, quickly and comfortably get around over $10 billion, if, you approve the launch of another scheme of annual profit of 6.75% (payable bi-annually with fully backed GoP guarantee) on fresh foreign currency bank deposits in Pakistan.

The beauty of this scheme is that (since this much profit is currently nowhere available in the world) even foreign banks will offer (as happened in India) foreign currency loans (at around 3-4%) to its clients to deposit funds in this scheme. Moreover, God forbid, if, for any reason, desired foreign currency inflows are not attracted in this scheme, government will lose nothing.

The above foreign currency bank deposits scheme should be available for all resident and non resident Pakistanis, under special permission of the GoP (like an amnesty scheme) and depositors NOT asked any questions about their sources of foreign currency funds.

Best Regards,

Syed Nayyar Uddin Ahmad
03219402157
Lahore.
Resubmitted on 6 October 22
Original proposal of 22 September 2022