ISLAMABAD: Brexit will reduce remittances and exports, but improve foreign investment in Pakistan said Islamabad Chamber of Small Traders. Volatile international currencies will make debt servicing easier for Pakistan which is under a $70 billion dent, it said. Some of 1.2 million Pakistanis living in UK may opt to come back which will hit remittances as UK is the third largest source after Saudi Arabia and UAE, said Islamabad Chamber of Small Traders Patron Shahid Rasheed Butt. Butt said that Pakistan should take steps to counter the impact of dwindling remittances, which provide good budgetary support. Overseas remittances play a critical role in boosting foreign exchange reserve and balance of trade deficit by 90% therefore steps must be taken to ensure its smooth flow, he added.
Published in The Express Tribune, July 1st, 2016.