Pakistan: Remittances set to cross record $28bln this year

[Goenitz]

It can only be increased if we make our people skilful (vocational training) or let them study higher education in EU like Italy, Sweden, Germany etc.

 

[Norwegian]

I hope IK can fix maximum things before establishment brings our queen in power

All hail our queen ..

Lol you are so pessimistic.

 

[doorstar]

Lol you are so pessimistic.

which queen? you have 2 (billo rani and daku nani)

 

[Mrc]

Exports shud reach same ball park figure this financial year

 

[RIP Pak LAW]

PTI isn't fixing anything. Its IMF stupid. They are running the show.

IMF program is already suspended for the last 10 months. Increasing exports have been PTI policy from day first. Learn to give credit to the Govt where it is due.

 

[MilSpec]

I wish I could address you the way a retarded troll like you deserves to be addressed but the pajeetlovers here or is it Catholic-haters on staff come down on me like a rotten old building falling.

before your retarded reply I was about to edit my last post to add that it is a temporary glitch which will only last as long as PTI does. once one of the 2 royal families (one aligned with doval other with Iran) come back in to power things will go back to the way of hundi/hawala.

You absolutely can, many of your brethren do; I replied to what you wrote, still haven't gotten the tech to respond to what you might be thinking. As far as language, knock yourself out; After all, conduct reflects upbringing, right?

 

[American Pakistani]

Good

lets cross $30 billion this year

more money coming only means better economy for Pakistan

amazing thing is our remittances are more than our total exports

means the 2 million Pakistanis abroad send more back home than the 220 million living in Pakistan export

And most of what 220 million exports is usually consumed by the same overseas Pakistanis.
Imagine if Pakistanis start selling via online apps and sites or use ebay or amazon. How much they can export.

 

[hussain0216]

Problem is what happens once IMF is no longer there..... yeah more spending out of thin air. We again go to IMF and cycle continues.

The cycle continued because we had mindless governance from Pmln and PPP

Give PTI credit and Ik a chance to fix the mess

Because it is beyond stupid to try and overthrow a government just to bring back the filthy corrupt dynasties that have put us here in the first place

 

[Syed1.]

PTI isn't fixing anything. Its IMF stupid. They are running the show.

Problem is what happens once IMF is no longer there..... yeah more spending out of thin air. We again go to IMF and cycle continues.

PTI haven't done shit apart from devaluation forced by IMF which helped exports. Look what PTI can fix instead.

Remember circular debt was supposed to be 0 by end of 2020?

Yeah PTI haven't done anything. There were rivers of milk and honey flowing when your abu was in government. Noon league supporters should be the last ones to bark.

 

[Dual Wielder]

thanks to khwaja asif and FATF (explaination available upon demand from any decent poster or mod)

hmm.. could You expand on that? The first part makes me think You were being sarcastic, but the latter part makes me unsure.. perhaps You meant as an unintended consequence i.e. greater transparency through forced legislative changes ect..

And we have people wanting outright enmity with GCC. Half of those remittances are from GCC.

We have to wean off our dependence from remittances at some point, although it has helped mitigate our reserves woes, but it ultimately has had distrasterous effects on our national interests, I'm hoping our exports kick off soon, so we're less susceptible to being blackmailed. I'm all for having good business relationships with all regional countries [except India] where all parties mutually benefit, but we shouldn't go out on a whim to please them to the extent where they pretty much asked us to perform seppuku becuase it's more convienient for them. Pakistan interests should always come first, if we can manage to get our house in order the quicker we can politely tell them to stuff it, the next time they demand the impossible.

 

[xyxmt]

thanks to khwaja asif and FATF (explaination available upon demand from any decent poster or mod)

bigger thanks to Modi govt.

 

[doorstar]

hmm.. could You expand on that? The first part makes me think You were being sarcastic, but the latter part makes me unsure.. perhaps You meant as an unintended consequence i.e. greater transparency though forced legislative changes ect..

don't have the capacity to be sarcastic, if ever I appear to be so, it is unintentional. the rest you've got already. little more detail @ the 2nd paragraph of https://defence.pk/pdf/threads/paki...s-record-28bln-this-year.698456/post-12915660

bigger thanks to Modi govt.

I've acknowledged this already @ https://defence.pk/pdf/threads/paki...s-record-28bln-this-year.698456/post-12915632

 

[FuturePAF]

Good

lets cross $30 billion this year

more money coming only means better economy for Pakistan

amazing thing is our remittances are more than our total exports

means the 2 million Pakistanis abroad send more back home than the 220 million living in Pakistan export

10 million overseas, not 2 million.

I wouldn’t say it’s amazing, rather the opposite. It’s sad that 10 million overseas Pakistan can send back more money the country can produce, with all the land, resources, labor, etc. points to the substantial amount of reforms that are still needed, but I share of the sentiment of gratitude for every little bit coming and being happy we are moving in the right direction. It helps a lot.

$22 Billion in Exports and $28 Billion in remittances. What was our import bill and what was the government spending deficit? We’ve got to see the whole picture.

It can only be increased if we make our people skilful (vocational training) or let them study higher education in EU like Italy, Sweden, Germany etc.

We should do what we can to get people in good programs overseas but We need jobs in the country for the people already educated to come home to.

Exports shud reach same ball park figure this financial year

Especially if the locust problem is under control, food and cotton crops can bounce back and lower costs to produce products for export.

 

[graphican]

Do Western Union, Remotely, Xoom and other third party transfers etc count towards remittances?

 

[Path-Finder]

Pakistan: Remittances set to cross record $28bln this year

Overseas Pakistanis residing in UAE and Saudi Arabia will contribute more than 50% of total remittances

An employee hands over a bundle of Pakistan rupee banknotes.

Getty Images


By Muzaffar Rizvi, Khaleej Times
Pakistan is expected to receive record remittance inflows of up to $28 billion this year. This comes as initiatives launched by the government and central bank to facilitate overseas workers have started yielding positive results despite challenges posed by the Covid-19 pandemic.
Overseas Pakistanis residing in Gulf states in general, and the UAE and Saudi Arabia in particular, are likely to maintain an upward momentum in remittances. They contributed 60.14 per cent of the total inflows during the July-December 2020 period.
Pakistan received $14.203 billion remittances during the first half of the financial year 2020-21, against $11.37 billion in the same period last year — a strong growth of 24.9 per cent. This is the highest half-yearly growth since financial year 2006-07.
“This strong growth in workers’ remittances is attributable to the increased use of formal channels on the back of sustained efforts by the government and State Bank of Pakistan to encourage inflows through official channels,” said the central bank in a statement.
Limited cross-border travel due to the second wave of the Covid-19 pandemic, along with favourable foreign exchange market dynamics, also were key factors.
$2.96 billion remittances from the UAE
Overseas Pakistanis residing in the UAE remitted $2.96 billion during the July-December 2020 period, compared to $2.78 billion in the corresponding period last year — a growth of 6.5 per cent.
Workers residing in Dubai sent 5.6 per cent more money back home, as they remitted $2.45 billion during the first half of fiscal year 2020-21. Overseas Pakistanis in Abu Dhabi and Sharjah sent $418.4 million and $34.5 million in remittances, respectively, showing an increase of 5.6 per cent and one per cent.
Remittances from Saudi Arabia
Remittance inflows from Saudi Arabia also recorded a significant increase during the first half of fiscal year 2020-21. Overseas Pakistanis remitted $3.96 billion, compared to $3.17 billion in the corresponding period last year — a growth of 24.6 per cent.
“Workers residing in other GCC countries remitted $1.62 billion as against $1.52 billion in the same period last year, reflecting a growth of 6.6 per cent,” according to State Bank of Pakistan (SBP), the central bank.
In December, Pakistan received $2.4 billion remittances, compared to $2.1 billion in December 2019, showing an increase of 16.2 percent.
This is the seventh month in a row that remittances crossed the $2 billion mark. It provides a new lifeline to a struggling Pakistan economy, which is expected to return to growth this year.
UK, EU and US
In addition to the Gulf region, remittance inflows from the United Kingdom rose to $1.88 billion from $1.23 billion in the same first-half period last year, recording a record growth of 51.7 per cent. Pakistanis residing in European Union states remitted $1.29 billion, showing a strong growth of 41.7 per cent.
Remittances from the United States also registered a growth of 47.5 per cent with $1.2 billion remitted during the July-December 2020 period, against $816.8 million remitted in the previous year.
Experts’ analysis
Analysts said the country may receive record remittances of up to $28 billion if the similar upward growth trend continues in the second half ending on June 30, 2021. Pakistan received $23 billion in remittances during the financial year 2019-20.
Muzammil Aslam, managing director of Next Capital, said remittances hit $14.2 billion in the first six months of the fiscal year 2020-21 — up 24.2 per cent from last year.
“Interestingly, the government’s full year target is $21 billion while the central bank expects remittance inflows ranging between $24 billion to $26 billion. The current run rate indicates that inflows may hit $28.4 billion,” Aslam told Khaleej Times on Saturday.
“Tangent Capital expects low travelling volumes, improved product profiles including introduction of Roshan Digital, and more digitisation will keep remittances to robust this year,” he added.
Samiullah Tariq, head of Research and Development at Pakistan Kuwait Investment Company, said the recent increase is due to restriction on physical travel, anti-money laundering efforts by the government, people shifting to digital channels for transfer of money, and incentives to banks for facilitating remittances.
“I strongly believe that the increase in remittances should continue in the second half of fiscal year 2020-21,” Tariq told Khaleej Times on Saturday.
As per latest data by the central bank, about 70,000 Roshan Digitial Accounts have been opened so far and received $288 million from the overseas Pakistanis.
Remittance inflows have also helped increase foreign exchange reserves held by the central bank, which have now climbed to $13.41 billion, compared to $10.10 billion on July 12 at the start of the current fiscal year.
Copyright © 2021 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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@Zibago @ziaulislam @Syed1. @Patriot forever @koolio @Jazzbot @Mrc @Path-Finder

thank you nawaj sharif!