According to Malik Bostan, President of the Exchange Companies Association of Pakistan (ECAP), his organization has proposed providing the Pakistani government with $1 billion per month in financing for the next two years to eliminate the need for International Monetary Fund (IMF) funding.
Bostan suggested that exchange companies should be authorized to borrow US dollars directly from overseas Pakistanis, foreign firms, and global exchange companies, without any cost, and with the possibility of rolling over the loans if necessary.
The proposal was presented to Senate Standing Committee on Finance Chairman Saleem Mandviwala in Islamabad, with central bank officials and other high-ranking officials in attendance. Bostan revealed that exchange companies already supply $300-400 million per month, totaling $4 billion per year, to the interbank market.
He further urged the government to reconsider its regulations for IT freelancers who hold billions of dollars in deposits in foreign banks, claiming that a relaxation of the regulations would persuade them to bring their deposits back to Pakistan.
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