Abstract
The aim of this paper is to contextualize the economic importance of the Pakistani diaspora through the lens of the newly promised Naya Pakistan Certificates (NPCs), which are high-yield fixed-income investments targeted at overseas Pakistanis as a means of spurring domestic development through the proactive participation of the diaspora. The paper highlights key limitations in the approach behind NPCs, arguing that such high and discriminatory rates in a global low-interest rate environment with fewer opportunities for quick domestic deployment of capital indicates that the diaspora is indeed being “fetishized” as a driver of development. This helps inform state-diaspora relations through a capital markets perspective.
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