KARACHI: Overseas Pakistani workers sent home $6.407 billion in the first five months (July-November) of the current fiscal year 2013-14, a growth of 7.10% compared with $5.982 billion remitted in the same period of last year.
According to data released by the State Bank of Pakistan (SBP) here on Tuesday, the inflow of remittances from Saudi Arabia, UAE, USA, UK, other GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU states stood at $1.794 billion, $1.297 billion, $1.026 billion, $962.76 million, $732.64 million and $179.14 million respectively.
In comparison, the inflows were $1.609 billion, $1.241 billion, $993.57 million, $845.86 million, $676.69 million and $161.16 million respectively in July-November 2012-13.
Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in the first five months of the current fiscal year amounted to $415.37 million against $454.69 million in the same period last year.
In November alone, Pakistanis in Saudi Arabia, UAE, USA, UK, other GCC countries and EU states sent home $334.10 million, $236.29 million, $175.82 million, $155.13 million, $128.18 million and $29.84 million respectively.
In November last year, the inflows were $300.84 million, $193.79 million, $152.29 million, $148.53 million, $117.18 million and $26.63 million respectively.
Remittances received from other countries in November amounted to $71.76 million.
Published in The Express Tribune, December 11th, 2013.
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COMMENTS (13)
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@ Reallity Bites @ Shakil
Actually you both are right.
People complaining about this foreign reserve not beneficial to Pakistan as it goes to families only, doesnt understand the economics of this. When remittance is transferred to Pakistan, it come as hard cash to State Bank of Pakistan in all foreign currencies enabling Pakistan to pay for imports and improve the foreign reserves of the country! in turn SBP issues/print rupees to expatriates families. These families will spend this money in Pakistan paying for bills, fuel, buildings, local shops - creating and helping local jobs and economy! Hope you understand how it impact Pakistan economy.
@Reality: @Shakil:
Very high remittances is not a very great economic indicator. This money is primarily a private transaction between two people. The govt. and society has nothing to be proud about in this. It actually means that people in Pakistan are getting money from family members who went abroad to earn money and send it back home as they are not able to generate enough wealth in Pakistan. Opportunities need to be created in Pakistan so that people stay in Pakistan and generate wealth, jobs, build local economy, products etc. There has to be a balance between people leaving to go abroad for better opportunities and those who are happy to stay in Pakistan and have faith that they can create a tangible amount of wealth for their family in Pakistan. Some remittances will always exist and laws should be in place to facilitate inflow of wealth however it would be foolish to compare this with aid or any foreign direct investment.
It is Indeed a very Welcome Sight to see the Continuous Increase in the Remittances, Despite being Tough measures taken by Various Countries (especially Gulf & Saudia ) to cut down on Foreign Manpower, sending undocumented workers back and Increasing Cost of Living (Visa, Work Permit, License Fee, Inflation) etc.
In the Past Month (Nov-13) 150,000 Workers are deported from Saudia (Not Many Pakistanis Though) in addition 500,000 return back willingly unable to Secure Proper Residence Permits ... I hope the fall doesn't have an Impact on the Foreign Remittances as Saudi & Gulf is the Most Key source of this Figures.
I also Like to Thank Pakistan Embassy (All Chapters) who worked day in day out for the Past year to legalize Hundreds & Thousands of Workers while Requesting Overseas Employment Ministry to keep in touch with the Countries to Provide more Visas & put a soft hand on current workforce ... Every person working abroad Counts ... The more we serve here .. the More we can send money back to home to fuel our economy.
@Majid Sheikh: If you want to enter politics, renounce foreign nationality simple as that Also, if you look at the figures 90% + of the remittances are from Middle East, where no one holds dual nationalities. Also, take example of india which does not even allow dual nationality to its nationals. This has no effect whatsoever on remittances or rights of expatriates but the oath taken during naturalization at another country compromises loyalty, examples are previous PMs & ministers of this country.
One the one hand the Pakistani 'Aam Admi' slaves away for his family, and hence Pakistan, sometimes adopting dual nationality to facilitate his stay, improve his working conditions and facilitate travel.
On the other hand Pakistan punishes him, almost as if the State is jealous of him or her, by blocking them from serving their own country in positions of.responsibility. By depriving a Pakistani passport holder from positions of power is a violation for the basic human rights as given to them in the Constitution. This needs to be corrected.
Its about time that government should also reciprocate and facilitate expats vis a vis Protectorate, Airport, Ministry of Overseas Pakistanis...
@Shakil: Money from non residents goes to their families and is not available tontheir families to use.
@Visibly: Well yes, why not! it means that the recipients of the remittances are better off than they would've been if the person earning for them was still in Pakistan and its also good for the foreign exchange :)
Pakistan provides "services" to US for $1.5 billion. This is business my dear.
This 15 Billion Dollars per year of worker's money is WAY better then any foreign AID. This money goes directly to needy families and there is no government involvement or corruption. There are to strings or any political blackmailing with this money.
The 1.5 Billion Dollars per year of US AID is very little compared to the worker's money and goes directly to the corrupt government officials and comes with political blackmail from foreign governments.
$6.4 Billions in 5 months by Pakistanis expatriates and going to 14-15Billion USD per year! in return there is no demands or strings!
on the other hand $ 1.5 billion per YEAR by USA demands everything in return, about time Pakistan should shun this curse or aid or collation support fund whatever you call it! Does it really need $1.5 billion peanuts to give sovereignty away and war that is making loose 70 billions USD due to this war! Pakistan spineless leaders should get some balls and stop this non sense!
Is this good for Pakistan?