Mian Nawaz Sharif's landslide election victory and his "bold economic agenda", as President Farooq Leghari put it, has created a new optimism, rather euphoria, among the overseas Pakistanis also. The international development agencies are favorably disposed towards his intended economic measures. It is for sure that "he can talk the talk but can he walk the walk", is the question on everyone's mind, commented a politically neutral friend who is usually knowledgeable about the working of foreign agencies. A common overseas Pakistani is also waiting anxiously to see if he can "walk the walk." The donor agencies are going to evaluate him according to their own criterion, that we will elaborate in a future column, however, in this column, we will spell out some concerns of overeas the Pakistanis who will see if concrete changes are takening place or it is just 'talking the talk'.

In the past, the difference between the `talk' and the `walk' has been so pronounced, that despite all the hoopla, the overseas Pakistanis are not flocking to deposit their green bucks. Several people have made inquiries but none has come to the bank to open a $1000 accountm, according to Pakistani bank sources. But, it is evident that Nawaz Sharif government is trying to avoid the mistakes it made last time in attracting the foreign exchange by advertising some schemes that were illegal according to U.S. banking laws. Directed by the government back home, this time, Pakistan's bank officials have gone to the U.S. Controller of Currency and the Federal Reserve Board to seek clarification and permission to float the dollar account scheme in the U.S. The U.S. banking authorities have approved this scheme, said Mr. Nassem Abbasi, manager at the National Bank of Pakistan in Washington. It shows that Mian Sahib is not a bad learner, after all, as his detractor would like to portray.

Mian Sahib's business friends, abroad, might have deposited substantial amounts in Qarza Utaro account that we don't know of, but otherwise the dollar scheme is yet in the air as for as the a common overseas Pakistan is concerned. No one can predict the response after the appropriate information is passed on to the immigrants. Incidentally, Pakistani banks cannot advertise such a scheme (because of no fee charged) and therefore, its success will depend upon community public relationshing. Furthermore, even if substantial amounts are raised, it is going to be a one time shot: the underlying problems cannot be wished away. For example, a much higher amount of foreign exchange is being remitted every day than the official figure show. One of the leading reason is that overseas Pakistani banks have lost most of the business to Hundi dealers.

Pakistani banks helped in creating the hundi dealer's market by suddenly raising the charges for transferring the money to Pakistan. Such exorbitant rates and the delays in crediting the receiving parties accounts in Pakistan, provided the edge to the hundi dealers who could pay one rupee per dollar more than official exchange rates and assured the next day delivery in Pakistan. Most of the hundi dealers are common folks and well entrenched in the community and, hence, more accessible and assuring for Mos and Jos. In addition, these dealers enjoy the advantage of being able to send large sums of money without being detected by the U.S. authorities. In addition, they are the first choice for the extra-legally earned money (under the table cash payments and drug money). They have been so successful in their business that, presently, their charges are much higher than the banks but the common immigrant prefer them. Pakistan has to pay dearly by losing this market to the hundi dealers: the money sent by these dealers may or may not result in additional foreign exchange for Pakistan. Some or most of the money transacted through the hundi dealers may be merely money laundering: it might be a method to convert the corruption money into dollars. Notwithstanding the shadiness or integrity of the hundi dealers, Pakistan government can only recapture this market, the transaction of clean money, if it can match the efficiency and accessibility of the hundi dealers. Pakistani banks have already lowered their charges for dollar transactions, however, firstly, it is not known to the community that the bank charges ($5 to $10) are lower than the hundi dealers ($25) and, second, the banks have to demonstrate that they can deliver the money next day. If the banks can bring back the clients that they have lost to these dealers, Pakistan's foreign exchange deposit will increase on permanent basis.

To achieve this, Pakistan government and the banks will have to get involved with the overseas communities through making committees and advisory panels. In addition, to create good will and to demonstrate efficient use of resources, foreign embassy operations have to be streamlined. Every ambassador, privately or publicly, admits that the expenditures can be halved. Millions of dollars, much more than the overseas Pakistanis are going to deposit in Mian Sahib's scheme, can be saved by cutting the fat out. PIA dealings have to be elevated to professionals level, not only to make money or please the overseas Pakistanis, but also to create a good impression on the foreign investor. Once, one of the foreign investor told me that a country can be judged from its airport operations and Pakistan's societal lawlessness and chaos is evident on its airports. Mian Sahib and his advisor know it all. The question is that `he can talk the talk, but can he walk the walk'.

Green Card for Overseas Pakistanis

Rumor has it that Mian Sahib has already announced that the overseas Pakistan will not be required to get a visa to enter their homeland. If the declaration is already made, it show that he is `walking the walk', if not, then this matter should be given a serious consideration. The expatriate, who have taken citizenship in many western countries, specifically U.S., had to surrender their Pakistani passports. As a result, they have to get a visa from Pakistani embassies each time they travel to their native land. It is a hardship for many that can be avoided easily by issuing a type of permanent residence card like U.S. Green Card. Syeda Abida Hussain, inducted as a federal minister in the cabinet is very well aware of this issue. She is known to have initiated the issuance of such a card when she was serving as an ambassador in Washington. It did not go any where then. Hopefully, Mian Sahib's government will do it this time.