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Remittances to cross $20 billion mark

Remittances to cross $20 billion mark

ISLAMABAD: Pakistan Overseas Employment Promoters Association (POEPA) on Sunday said workers remittances can cross the mark of dollar 20 billion in the ongoing fiscal year.

“We are highly satisfied with the government and the initiatives of State Bank of Pakistan and other stakeholders which has led to continued growth in workers remittances despite global downturn and oil crisis”,  said Chairman of Poepa Chaudhary Muhammad Afzal.

In a statement issued here today, he said Pakistan is gaining ground in the global remittance market for which credit also goes to the unprecedented cooperation by embassies of friendly countries, especially that of Saudi Arabia.

Chaudhary Muhammad Afzal said the government should recognize the services of all the actors playing part in improving remittances while banks should further improve their services to offer better services to overseas Pakistanis.

He lauded the steps taken to enhance flow of remittances through legal channels including preparation and implementation of national strategy on remittances, advisory role for the financial sector, efficient  payment highways, etc.

“We must learn more from policies of other countries to ease flow of remittances resulting in maximum satisfaction of both remitters and beneficiaries, improved commitment of the financial sector and development of new products and services”, he underlined.

Reducing the cost of remittances could also facilitate more inflows which will boost economy while discouraging illegal business of hundi and hawala, he noted.

He said POEPA will unconditionally cooperate with the government and all agencies concerned to achieve the desired objective of maximizing the flow of remittances through formal channels into the country which is the best recipe for development.