WASHINGTON, April 28: The United States continues to be the largest source of workers’ remittances accounting for 27.7 per cent of the total of almost $4,728.3 million sent by overseas Pakistanis during the first nine months (July-March) of the current fiscal year.

A document released by the Pakistan embassy in Washington showed that Pakistanis living in the US sent $1,312.3 million during this period.

Pakistanis in Saudi Arabia are second on the list, sending $882 million or 18.6 per cent of total remittances.

The UAE is third on the list. Pakistanis living there sent $793.6 million or 16.8 per cent of total remittances.

Pakistanis in other Gulf Cooperation Council countries sent $704.2 million or 15 per cent. Those in Britain sent $334.8 million or 7 per cent.

Pakistanis in rest of the world contributed $427.1 million or 9 per cent of the total.

When oil-rich countries like Saudi Arabia, the UAE and the GCC countries are taken together the total remittances from these nations go up to $2,379.8 million or 50.3 per cent of the total.

The oil rich countries along with the US accounted for more than three-fourth of the remittances in the same period.

The current calendar year - 2008 has started on an encouraging note. Workers’ remittances amounted to $602.2 million in March – up by 15.7 per cent over the corresponding month of last year as well as the highest ever monthly inflows.The State Bank of Pakistan attributes this surge in remittances to the growing confidence of expatriate Pakistanis on the current and future prospects of the economy.

During the first nine months (July-March) of the current fiscal year, workers’ remittances stood at $ 4,728.3 million – up by 20.1 per cent over the same period last year.

Pakistan received almost $5.5 billion remittances in the last fiscal year (2006-07) – 19.4 per cent more than the previous year. It has set a target of $6.2 billion for the current fiscal year.

An increase of 20.1 per cent in the first nine months of the current fiscal year suggests that the remittances target is most likely to be achieved.

Remittances grew by 27 per cent amounting to $1.31 billion from the US during the period under review. Remittances grew by 33.1 per cent and 31 per cent from the UAE and other GCC countries amounting to $793.6 million and $704.2 million, respectively.