Large number of Pakistanis are working in number of foreign countries around the world and their remittances through proper channels made appreciable contributions towards economic growth of the country. Expatriates’ remittances for last few months had been showing a downward trend which was obviously a matter of concern.
Now, it is quite good to note that remittances are showing an upward trend which is commendable indeed.
The figures for August 2017 alone stood at 1.95 billion dollars which are as much as 26.8 per cent higher as compared to remittances received from Overseas Pakistanis during August 2016. Remittances had registered decline of 3.08 per cent to 19.303 billion dollars during last financial 2016-17 on the whole.
This upward trend in remittances is attributed to Eid ul Azha festivities but hopefully this trend more or less remain stable though periodic depression is not ruled out altogether due to uncertain economic conditions of Gulf countries particularly Saudi Arabia which is regarded the main source of remittances to Pakistan.
Despite not so good economic conditions prevailing in number of foreign countries, it is expected that the remittances received from expatriate Pakistanis will be more or less higher during current financial year as the federal government is taking various measures to motivate Overseas Pakistanis to send their remittances back home through proper channels discarding hundi system which is not legal.
DANIYAL A NAJMEE
Lahore
