Pakistan expects return of $200bl from Swiss banks

Islamabad, Pakistan (BBN)- Pakistan is expecting return of over US$200 billion deposited in Swiss Banks earned by some bureaucrats and politicians through illegal means.

According to officials of the Finance Ministry, relaxation in financial laws of Switzerland has generated hope for the return of huge amount in the Swiss Banks, local media reported.

The new laws now allow the concerned government to claim for illegal money deposited in Swiss banks with credible proofs.

The Finance Minister of Pakistan Ishaq Dar had earlier told the country’s National Assembly that at least $200 billion of ‘Pakistani money’ was stashed away in Swiss banks, another report said.

He then said the situation called for immediate corrective action. To put the enormity of this find into perspective, Pakistan’s total external debt stands at $150 billion and its gross domestic product (GDP) is said to be around $300 billion. The country can, theoretically, pay off all its debt with the money in Swiss banks and still have nearly a quarter of it left over.

BBN/SSR/AD-29June14-10:16 am (BST)

No Subscription? You Are Missing Out!

Join the business leaders of Bangladesh who rely on BBN's original reporting and in-depth analysis on business scenario of the country. We send only one daily email. No Spam Guaranteed!

Your Name (optional)

Your Email (Required) *

Subscribe

Please check your email and confirm your subscription