Overseas remittances register commendable growth in economy: Babar | Pakistan Today

Overseas remittances register commendable growth in economy: Babar

Managing Director Overseas Pakistani Foundation (OPF) Iftikhar Babar said that overseas worker’s remittances registered commendable growth during July-April, 2013-14, growing by 11.5 percent against 6.4 percent growth recorded in the corresponding period of last year.

Talking to APP, Iftikhar Babar said that the consistent growth in remittances reflects a shift from informal to formal avenues to remit funds from overseas Pakistanis.

Babar further said that overseas workers were the main source of economic growth of the country after exports. The country attained 4.14 per cent growth in the outgoing fiscal year, which is the highest one (in six years) since 2008-09,” Babar informed.

Iftikhar Babar further said that economic growth during the current government would help lead to prosperity through poverty alleviation.

“Overseas Pakistani Workers remittances increased by 11.5 per cent during first ten months of the current financial year and reached $12.9 billion against $11.6 billion of the same period of last year, Babar said.

The government and State Bank of Pakistan (SBP) have focused on promotion of formal channel for international remittances through banks and different money transfer services under the Pakistan Remittances Initiatives (PRI), he added.

“The country’s economy grew by 4.14 per cent during fiscal year 2013-14 against 3.6 per cent last year (2012-13) despite various challenges,  Iftikhar Babar further said that economic growth during the current government would help lead to prosperity through poverty alleviation.”



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