‘$32b remittances in current fiscal’

ISLAMABAD: Reacting to a foreign newspapers report about Pakistan to get $32 billion remittances in current fiscal, Special Assistant to Prime Minister on Overseas Pakistanis and Pakistan Tehreek-e-Insaf leader Sayed Zulfiqar Bukhari on Saturday showered praises on Pak expatriates.

In a Tweet, he said: “More record breaking remittances. “OverseasPakistanis never fail Pakistan, it’s time we open our hearts & welcome talented & highly educated individuals from among our diaspora to come & serve our country. “Let there be a Pakistan with equal opportunities for every Pakistani.”

Earlier a Gulf based newspaper, quoting latest data released by the State Bank of Pakistan (SBP), in its report said that Pakistan was on track to achieve a record $32 billion in remittance inflows in the current fiscal 2021-22 as its over nine million overseas workers remitted a record $8.04 billion during the first quarter ended on September 30.

The central bank showed that non-resident Pakistanis sent 12.5 per cent more money back home during the July-September quarter compared to the same period last year. It is the highest ever quarterly remittance received by the country in its 75 years of history.

"If the first-quarter trend persists, Pakistan remittances could hit the figure of $32 billion during the current financial year. This contributes significantly to countering external pressure on balance of payment," according to the Trust Securities and Brokerage Limited.

Expo 2020: Oscar-winning musical composer A.R. Rahman on directing the all-female Firdaus Orchestra Overseas Pakistanis residing in the UAE and Saudi Arabia contributed a major share in total remittances as they sent $1.55 billion and $2.03 billion, respectively. The remittance outflows from the UAE to Pakistan climbed nine per cent year-on-year basis, while Saudi Arabia registered a slight decline of three per cent during the quarter.

Remittances from the US and UK soared 32 per cent ($833 million) and 13 per cent ($1.12 billion), respectively. First-quarter inflows from the European Union surged 48 per cent to $889 million from $601 million in the same quarter last year.