Dar looks to philanthropists to collect dollars

After exhausting nearly all traditional sources of foreign exchange, it seems the government is now looking to tap the kindness of philanthropists to replenish its rapidly depleting dollar coffers. But unlike the recent fund-raising campaign for dams, where the government remained front and centre, an upcoming drive to generate free-of-cost dollars from abroad will likely be led by social workers with a rock-solid credibility and proven track records. Addressing a conference on Islamic finance via video link on Thursday, Finance Minister Ishaq Dar asked the central bank governor to coordinate with a group of philanthropists in their effort to raise dollars from overseas Pakistanis to overcome the foreign exchange shortage. Mr Dar’s remarks came in response to a passionate announcement by Bashir Farooqi, founder and chairman of Saylani Welfare International Trust, that he would hold a press conference with other noted philanthropists to ask overseas Pakistanis for dollars.