Pakistan becomes fifth largest remittances recipient country
Illustration of remittances received—File Photo
ISLAMABAD: Pakistan has become the fifth largest remittances recipient developing country in 2011, witnessing a strong growth of 25.8 per cent during the last year in 2011 compared to the 10.1 per cent growth in South Asia remittances.
The upward trend in remittances, during the period under review, was derived from a per annum average growth from UAE of 32.2 per cent followed by United Kingdom 30.1 per cent, Saudi Arabia 27.3 per cent, European Union countries 25.3 per cent, other GCC countries 15.1 per cent and United States of America 9.5 per cent from 2007-08 to 2010-11, states a document issued in Economic Survey of Pakistan.
During July-April 2011-12, workers remittances grew by 20.2 per cent and stood at $1.83 billion 10.9 billion. The cumulative increase of $1.83 billion during July-April 2011-12 over the July-April 2010-11 is largely attributed to the government efforts to divert remittances form the informal to the formal channel.
Since the launch of the Pakistan Remittances Initiative (PRI), the share of workers remittances coming through the banking channel has increased considerably from 75 per cent in 2009-10 to 91 per cent in 2011-12.
The World Bank estimated that the flow of remittances to developing countries in 2011 increased by 0.8 per cent from $ 325 billion 2010 and is expected to grow at seven to eight per cent annually till 2014.
Good to know that overseas Pakistanis are sending money to Pakistan. But what if our politicians are not doing good in the country? We can't survive just on these foreign remittances no doubt it can boost our economy but with this our internal investors should invest in Pakistan to stabilize the economy.
The expats are doing their part, is the money received being used properly. I have serious doubts on this front.
Its time to throw off the likes of PPP, PML-N in the next elections. From top to bottom everyone is corrupt and none of these parties have done ANYTHING AT ALL for the country – they are only busy abusing and accusing each other and each one is proving that they are the best… all of them should exit and new blood…. honest people who dont have any interest in pocketing the government ex-chequer and plundeing the country's riches.
We have everything in Pakistan but GOOD & HONEST leaders who would take the nation to prosperity and fame… to greater heights. Even a country like Bangladesh (which was once a part of us) is on its feet and within the next 10 / 15 years it claims that there will be 100% literracy….but look at us… all of us residing abroad will continue to sedn money no matter what the amount is.. if it helps our great country to survive in these days of hard times.. PAKISTAN , ZINDABAD….
SG
Every pakistani muslim is doing his bit we need to eradicate the current poitical setup if we need to grow or save pakistan, these uneducated corrupt, disbelivers are destroying pakistan, soon they will be forgotten in history inshALLAH..
so true and i had to copy, india is receving more than pakistan…. fact
It could have been informative to show which other countries were ranked above Pakistan, as the title shows it was fifth. I read it elsewhere they were India, Mexico, Philippines and China in the same order.
It is not necessarily a negative sign, as many commenters are suggesting. Pakistan has a highly potential young population capital; with such a high population growth rate providing employment along the way as our economy is growing slowly will be a daring task. Export of population capital as temporary workers to Middle East may be healthy. The case of EU and USA is different though, lack of opportunities at home potentially throwing off highly motivated, and educated, opportunity seekers, who could be the fuel for growing economy. However, it also in many ways healthy for future advancement of economy, especially when a reverse flow of investment begins.
China is an example, it tops on the Current Account Balance and third among the foreign remittances. That clearly indicates that a large amount of remittance does not always represent, a bad weather back home, it could be a function of traditional thinking that allows better-off relatives to look after the others.
Only the brave venture outside their countries for a better future. Couple of ceturies ago the whole of Europe got up to seek fortunes in America.They now hold the world in their hands as the American nation is the product of the brave. Now thgink about the people who have left their hearth and homes in Pakistan to uncertain future. We are then the brave.
This not something be proud of we are living by the hand out of our hard working Pakistani brothers and sisters. They have BEEN sending money on regular basis for decades and how we thank them they land in Karachi and get mistreated by customs, many get robbed before reaching their homes. No matter who you are a common worker in UAE or a Engineer or Doctor in USA our overseas Pakistanis are our best support and we must treat them well.
most of brothers and sisters are doing lower jobs in foreign countries, they just send money for there relatives
and also try to invest in there own country for better future, but what does our politics etc do in pakistan, which guarantee they give them for better future,
Bottom line is being able to help whether your presense is abraod or domestic. Don't let anyone reclassify a good deed with the reflection of their own shortcomings.
It is the poor, treated with disrecpect by the arrogant upper and middle classes that are keeping the country's economy alive with their sweat and labour; as for the ruling and the upper classes, they are busy buying villas and property abroad by raping the country. Pakistan refuses to go down; it is propped up by the blood, sweat and toil of the poor and the down troden.