Overseas Pakistani workers have continued to make a significant contribution to the country’s economy, with remittances totaling $10.719 billion during the first half of the fiscal year 2018-2019 (July to December).
This figure reflects a notable growth of 10 percent compared to the $9.745 billion received during the same period in the preceding year, as reported by the State Bank of Pakistan (SBP) on Thursday.
During December 2018, the inflow of workers’ remittances amounted to $1,690.18 million. This figure represents a 5.07 percent increase compared to November 2018, though it is 1.93 percent lower than the remittances received in December 2017.
The country-wise breakdown for December 2018 illustrates the sources of these remittances. Inflows from key countries included $414.84 million from Saudi Arabia, $341.58 million from the United Arab Emirates (UAE), $262.83 million from the United States, $247.06 million from the United Kingdom, $171.56 million from GCC countries (including Bahrain, Kuwait, Qatar, and Oman), and $45.62 million from European Union (EU) countries. These figures represent fluctuations compared to December 2017, with Saudi Arabia, UAE, and the USA seeing increased contributions, while the UK and GCC countries showed a decline in remittances.
Moreover, remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan, and other countries during December 2018 amounted to $206.69 million, marking an increase from the $193.17 million received in December 2017.
Overseas remittances have a vital role in Pakistan’s economy, as they contribute to the country’s foreign exchange reserves and help stabilize the balance of payments. The consistent growth in remittances reflects the commitment of overseas Pakistanis to support their families and the nation, particularly in the face of economic challenges.
The State Bank of Pakistan and the government have taken various measures to facilitate the inflow of remittances, offering a range of services and incentives to overseas Pakistanis. These efforts have not only helped maintain and increase remittances but have also encouraged investment and economic growth in the country.
The growth in remittances during the first half of the fiscal year 2018-2019 is an encouraging sign for Pakistan’s economy. It emphasizes the significance of overseas Pakistanis in contributing to the nation’s financial stability and development. The government and financial institutions must continue to support and engage with the overseas Pakistani community to further enhance these contributions.
FBR Initiates Action Against Millers for Under-Declaring Sugar Value to Evade Sales Tax
