Pakistan to launch online property transfer facility for overseas Pakistanis in Saudi Arabia, UAE

ISLAMABAD: Minister for Overseas Pakistanis Chaudhry Salik Hussain has said that overseas Pakistanis in Saudi Arabia, United Arab Emirates (UAE) and other countries would soon have access to an online facility for the transfer of property in Pakistan, Pakistani state media reported on Friday.
Pakistanis living abroad remit billions of dollars back home annually, which play a major role in supporting Pakistan’s external account, especially at a time when the country is grappling with an economic crisis that has weakened its currency and caused its foreign exchange reserves to plummet.
Hussain said the online property transfer facility would initially be made available for Pakistani expatriates residing in Saudi Arabia, United Arab Emirates, United States, United Kingdom, Italy and Spain, the state-run Radio Pakistan broadcaster reported.
“Property transfer complaints would be resolved within 20 days,” the minister was quoted as saying by the broadcaster. “Problems with the power of attorney would also be resolved soon.”
Pakistani expatriates sent a total of $3.2 billion in May that recorded an increase of 15.3 percent on a month-on-month basis and by 54.2 percent on a year-on-year basis, according to figures shared by the State Bank of Pakistan (SBP).
Saudi Arabia and the UAE have consistently remained top contributors of foreign remittances to the South Asian country and accounted for more than $1.5 billion in May.
Cash-strapped Pakistan is currently looking to clinch a staff-level agreement with the International Monetary Fund (IMF) for more than $6 billion bailout this month after addressing all of the lender’s requirements in its annual budget, its junior finance minister said this week.
The South Asian country has set challenging revenue targets in the budget to win approval from the IMF for a loan to stave off another economic meltdown, more than a year after averting a sovereign default.