Pakistanis working abroad remitted over $9.234 billion during the first eight months of current fiscal year, July–February FY13, reported the central bank Monday.
This, the bank said, showed a growth of 7.47 percent or $641.93 million compared with $8.592 billion the dollar-hungry country had received during the corresponding period of last fiscal year. The inflow of remittances in the said period from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $2,627.78 million, $1,865.73 million, $1,461.13 million, $1,284.75 million, $1,067.50 million and $242.61 million, respectively, compared with the inflow of $2,325.98 million, $1,903.89 million, $1,525.45 million, $991.20 million, $968.91 million and $244.91 million respectively in July-February 2012. The remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eight months of current fiscal year (July-February FY13) amounted to $685.17 million as against $632.45 million received in the first eight months of last fiscal year (July-February FY12). The monthly average remittances for July‐February 2013 period comes out to $1,154.34 million as compared to $1,074.10 million during the corresponding period of the last fiscal year.
An amount of $1,028.33 million was remitted by overseas Pakistanis in February 2013 as against $ 1,156.81 million in the same month of the last fiscal year (February 2012). In February 2013, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $335.76 million, $196.37 million, $137.13 million, $129.40 million, $125.67 million and $24.72 million respectively as compared with the inflow of $317.51 million, $259.55 million, $197.14 million, $137.73 million, $123.50 million and $29.27 million respectively in February, 2012. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the eighth month of the current fiscal year (February FY13) amounted to $79.28 million as against $92.11 million received in the eighth month of last fiscal year (February 2012). According to the State Bank, the continued growth in workers remittances is the result of the efforts made by Pakistan Remittance Initiative (PRI) in collaboration with other stakeholders to facilitate both Overseas Pakistanis and their families back home. Since its inception, PRI has taken a number of steps to enhance the flow of remittances through formal channels which include: (a) preparation of national strategies on remittances (b) taking all necessary steps to implement the overall strategy (c) playing the advisory role for financial sector in terms of preparing a business case, relationship building with overseas correspondents, creating separate efficient remittance payment highways and (d) becoming a national focal point for overseas Pakistanis through round the clock call centre with toll free lines, separate web site etc. It may be recalled that in order to provide an ownership structure in Pakistan for remittance facilitation, the Government of Pakistan through the central bank and Ministries of Overseas Pakistanis and Finance had launched a joint initiative called PRI in April 2009. This initiative has been taken to achieve the objective of facilitating & supporting faster, cheaper, convenient and efficient flow of remittances.
Remittances will naturally swell, because poverty in the country has increased beyond unbelievable figures. Five years democratic or the so called democratic rule will be remembered in the history of this country as the most corrupt period which forced majority of people into abject poverty and helplessness. Obviously overseas Pakistanis will help their relations with their hard earned money.
Remmitances have become lifeline for the country's ecconomy.. But i think the potential is even more if the government promotes export of skilled labor. As an expat myslef in KSA , i see great need to bring in skilled manpower i.e. doctors , engineers, IT professionals here, so that the general impresssion of pakistanis changes from crude unskilled to impressive , hardworking and skilled.
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