‘Naya Pakistan’ receives $3.9 billion in two-month remittances by overseas Pakistanis

KARACHI: The State Bank of Pakistan on Monday released the figures of remittances sent by overseas Pakistanis amounting to US $3.9 billion, showing a growth of 13.45% compared with $ 3.4 billion received during the same period in the preceding year.

According to SBP, overseas Pakistanis remitted US $3.9 billion in the first two months of fiscal year- 2018-19.

During August 2018, the inflow of worker’s remittances amounted to US$ 2037.33 million, which is 5.60% higher than July 2018 and 4.24% higher than August 2017.

The country wise details for the month of August 2018 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US$ 465.53 million, US$ 461.2 million, US$ 316.89 million, US$ 278.84 million, US$ 193.17 million and US$ 59.64 million, respectively, compared with the inflow of US$ 511.28 million, US$ 440.38 million, US$ 260.34 million, US$ 249.14 million, US$ 230.22 million and US$ 62.75( million respectively in August 2017. Remittances received from Malaysia Norway, Switzerland, Australia, Canada, Japan and other countries during August 2018 amounted to US$ 262.06 million together as against US$ 200.35 million received in August 2017.

The rise in remittances is being seen in context of Imran Khan’s appeal to overseas Pakistanis to donate for dams.

On Sep 7, Prime Minister Imran Khan had urged the overseas Pakistanis to donate generously for construction of dams in Pakistan to avert the looming water crisis.

The PM urged the Pakistanis working abroad to donate at least 1000 dollars to the dam fund so that the water reservoirs could be constructed within time and within the estimated cost.

“Our debt today stands at 30,000 billion. But one of our biggest issues today is the looming water crisis. When Pakistan was created; every Pakistani had 5600 cubic-metres of water. Today that stands at only 1000 cubic-metres,” said the PM.

He was of the view that delaying such projects increases the cost so his government wants to build water reservoirs on time.