Remittances vital for Pakistan's economy: ADB

ISLAMABAD:

Terming remittances an important pillar of Pakistan's economy, the ADB has recommended that the government give more incentives to overseas Pakistanis.

According to an ADB report on remittances sent to Pakistan, the bank has declared the country's dependence on remittances amid an economic crisis and fluctuations as a feasible option. As per the report, remittances constitute 10 percent of the country's GDP and, during the period of Covid-19, had grown by 19.8 per cent to $31.1 billion.

The ADB report also calls remittances vital for reducing poverty and increasing foreign reserves.