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Prospects of foreign remittance into Pakistan

Prospects of foreign remittance into Pakistan

Pakistan is one of the major beneficiaries of foreign remittances, whereas the volume of foreign remittances to Pakistan has also increased in recent past. The growth of these flows has outpaced Foreign Direct Investment (FDI) and official development assistance to the country. Pakistan started to export manpower abroad particularly in the Middle East countries following oil price boom in the early 1970s. Because of labor shortage in the Middle East, …

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Review of Pakistan’s export and import during May 2020

Review of Pakistan’s export and import during May 2020

The economists revealed that worldwide economy is highly integrated by tourism, trade and remittances. According to World Trade Organisation (WTO), world merchandise trade because of COVID-19 is predicted to fall by 13 to 32 percent in 2020. During 2020 trade volume is predicted to decline by double digits in nearly all regions, depending on the duration of the outbreak and effectiveness of policy response. Trade in services is also predicted …

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Attracting remittances – Trend to be continued

  According to World Bank, Pakistan becomes the seventh largest recipient of workers remittances in 2013, with net inflows of about $15 billion. In the first nine months (July-March) of the current fiscal year (FY) under the leadership of Prime Minister Nawaz Sharif government, it has received about $11.6 billion in remittances, up 12 percent from $10.354 billion in the same period of last year. The inflows from all the …

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Migrant remittances hold the key to Pakistan’s economic balance and sustainability

  The economy and foreign exchange reserves of Pakistan like most developing countries across the world rely in part on migration and workers’ remittances. To put things in perspective, the $15.83 billion1 that overseas Pakistani workers (Pakistani Diaspora) sent back home in the country’s fiscal year 2014 from July 01, 2013 to June 30, 2014 contributed to the country’s GDP. An IMF research paper stated that workers’ remittances contributed 4% …

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Global remittances business

  Over the years increase in remittances received in Pakistan has become a talking point. The successive governments take credit of this increase but when compared with other countries, Pakistan’s share look miniscule. While it is true that Pakistani’s are hard working, the negative image of the country often becomes the biggest hurdle. Added to this is the role being played by agents operating in Pakistan, taking the people on …

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