Monday, 23 June 2014

Remittances to Pakistan

Remittances to Pakistani reached US $ 12.895 billion during first 10 months of current fiscal year against US $ 11.57 billion in comparable period of 2012-13. According to the ministry of overseas Pakistanis, the government is considering a proposal to substantially boost foreign remittances and foreign exchange reserves as Gulf region is to be effectively tapped by exporting the maximum manpower. The government is expecting good opportunities of manpower export during the event of Expo 2020 in Dubai. Moreover, massive new construction plans in Saudi Arabia will also provide opportunities for Pakistani manpower which will decrease not only unemployment rate in the country but also boost up the remittances.

The ministry said the vision of government was to promote export of Pakistani manpower abroad to elevate the living conditions of working class and secure the decent working conditions for them. It said since 1971 up to March 2014, around 7.4 million overseas Pakistanis working/living around the globe with main concentration of Overseas Pakistanis are in Middle East 49.2 percent, Europe 28.3 percent and America 16.2 percent.

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