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Remittances inflow registers 11.5pc growth

Remittances inflow registers 11.5pc growth

ISLAMABAD: The inflow of remittances from Pakistanis working in foreign countries has registered a commendable growth during July-May, 2013-14, showing a 11.5 percent increase against 6.4 percent growth recorded in the corresponding period of last year.

This was stated by Overseas Pakistani Foundation (OPF) Managing Director Iftikhar Babar during an interview with the APP. Iftikhar Babar said that precious foreign exchange in shape of remittances from Pakistani workers abroad were likely to reached more than $14.895 billion during first 11 months of the current fiscal year against $11.57 billion in 2012-13.

The remittances from Pakistani workers abroad during financial year 2012-13 were $13.922 billion.

The OPF MD said that the government was considering a proposal to substantially boost foreign remittances and foreign exchange reserves as gulf region was to be effectively tapped by exporting the maximum manpower. Babar said that the consistent growth in remittances reflected a shift from informal to formal avenues to remit funds from overseas Pakistanis.

He said that overseas workers were the main source of economic growth of the country after exports. The country attained 4.14 percent growth in the outgoing fiscal year, which is the highest one (in six years) since 2008-09,” Babar informed.

Iftikhar Babar further said that economic growth during the current government would help lead to prosperity through poverty alleviation.

The government and State Bank of Pakistan (SBP) have focused on promotion of formal channel for international remittances through banks and different money transfer services under the Pakistan Remittances Initiatives (PRI), he added.

“The country’s economy grew by 4.14 per cent during fiscal year 2013-14 against 3.6 per cent last year (2012-13) despite various challenges,” Babar added.

Iftikhar Babar further said that economic growth during the current government would help lead to prosperity through poverty alleviation.

Lauding the PM directives, the OPF MD further said that to eliminate grey trafficking, the ICH policy issued in 2012 was withdrawn and the APC was made zero.

“The policy would be effective from August 1, 2014”, he informed, adding that the bringing of APC was expected to significant decline voice calls.