PM sees further growth in remittances

MoneyGram expresses interest in expanding business in Pakistan

ISLAMABAD: A significant growth in home remittances has been witnessed in fiscal year 2018-19 and inflows are expected to rise further in coming years, said Prime Minister Imran Khan.

Talking to a delegation of MoneyGram, headed by its CEO and Chairman William Alexander Holmes, the prime minister welcomed the interest evinced by the company in expanding its business in the growing economy of Pakistan.

He pointed out that an incentive package was under consideration to attract greater remittances through formal channels.

The prime minister assured the delegation that Pakistan government would provide all possible facilitation in expanding MoneyGram's business and would continue assisting overseas Pakistanis in sending their hard-earned money back to their homes.

Highlighting the MoneyGram's profile and portfolio in Pakistan, delegation leader Holmes said the company was complementing Pakistan government's efforts aimed at financial inclusion, which were also in line with the country's vision.

"We are encouraging emigrants to utilise formal channels for safe and speedy transactions," he said.

MoneyGram International Inc is a globally recognised American money transfer company, which offers services in more than 200 countries.

MoneyGram is involved in facilitating overseas Pakistanis, with its 7,000 partners across the country, in sending remittances back home to any bank in Pakistan in an efficient and easy manner.

The meeting was attended by Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh and Adviser to Prime Minister on Commerce Abdul Razak Dawood.