Remittances reach highest ever in one month: PM Imran | World Defense

Remittances reach highest ever in one month: PM Imran

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Increase in July was 12.2pc higher than June 2020, says premier

Rizwan Shehzad | August 17, 2020



Prime Minister Imran Khan revealed on Monday that remittances flowing into Pakistan reached $2,768 million in July 2020 – the highest ever amount recorded in a single month in the history of Pakistan.

Taking to Twitter, the prime minister shared the “good news” for Pakistan’s economy, saying the increase in July was 12.2pc higher than June 2020 and 36.5pc higher when compared with July 2019.

“More good news for Pak economy. Remittances from overseas Pakistanis reached $2,768 mn in July 2020, highest ever amount in one month in the history of Pakistan. This is 12.2% increase over June 2020 and 36.5% increase over July 2019,” the premier stated.

Though a hiccup in ties between Pakistan and Saudi Arabia was recently noticed, the country-wise remittances showed that the highest amount of money – $821.55 million – in July was sent to Pakistan from Saudi Arabia followed by the United Arab Emirates (UAE) with 538.19 million dollars. In June 2020, the remittances from KSA and UAE were $619.43 million and 431.68, respectively.

According to the State Bank of Pakistan’s statistics, the overseas Pakistanis remitted $443.13 million from Dubai, $393.91 million from the United Kingdom, $250.6 million from the US, $88.29 million from Abu Dhabi and $4.69 million from Sharjah in July. The SBP stats show that a major decrease was seen in the remittances from the US, which dropped from $451m in June to $250.6m in July 2020.

The remittances from other GCC countries – Bahrain $42,62m, Kuwait $69.83m, Qatar $82.49m and Oman $102m – is recorded at $296.95 million in the last month.
Similarly, the remittances received from the European countries – Germany $35.34m, France $32.99m, Netherland $4.5m, Spain $38.9m, Italy $49.46m, Greece $20.01m, Sweden $4.85m, Denmark $6m, Ireland $12.25m, Belgium $23,27m – reached to a total $227.57 million.

Pakistan received $22.25m from Malaysia, $10.91m from Norway, $2.83m from Switzerland, $52.11m from Australia, $43.13m from Canada and $9.31m from Japan. The SBP stated that $98.82m were received from other countries, making it to a total of $2768.13 m in July 2020. In June 2020, the total remittances received from these countries were 2,466.28.

Despite the coronavirus pandemic coupled with global lockdowns, the Adviser to the Prime Minister on Finance Abdul Hafeez Sheikh wrapped up the economic performance of the government before the federal cabinet on August 12, saying the fiscal and primary deficit was lower than expected, central bank’s reserves increased and the current account deficit was slashed from 20 billion dollars to three billion dollars in two years.

While giving a rundown of the Pakistan Tehreek-e-Insaf (PTI)-led government’s two-year economic performance, the PM’s advisor said that the fiscal deficit post-Covid-19 was expected at 9.1% but it was recorded at 8.1% and the primary deficit expected at 3.1% was recorded at 1.8% – the lower the primary deficit, the better.

Sheikh said that the current account deficit was brought down from $20 billion to only $3 billion while the reserves of State Bank of Pakistan had increased from $ 8.5 billion to $12.5 billion.

PM Imran has subsequently congratulated the nation in a tweet, saying that there was an upturn in the economy after a struggle of two years. Imran said that the current account and fiscal deficits are down; construction industry and through it job creation is taking off because of the government’s special incentives. He said that the stock market, exports & revenues, cement as well as car sales had gone up despite the pandemic and global lockdown.

It was, however, reported that the bulk of COVID-19 aid funds remained unspent and it was also a reason behind the relatively low budget deficit of 8.1pc of the GDP or Rs3.4 trillion in the last fiscal year as against the earlier estimates of 9.4pc of the GDP.
 

BATMAN

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Is it an achievement of Imran Khan?

It's all due to the COVID consequences, expatriate Pakistanis are sending home extra money to support, not only immediate relatives but friends and poor.
In fact overseas Pakistan's have skipped to visit Pakistan this year, and have remitted even the ticket money to Pakistan.

Similarly is the situation with local Pakistanis, they have been using their savings from past 6 months.
 

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Is it an achievement of Imran Khan?

It's all due to the COVID consequences, expatriate Pakistanis are sending home extra money to support, not only immediate relatives but friends and poor.
In fact overseas Pakistan's have skipped to visit Pakistan this year, and have remitted even the ticket money to Pakistan.

Similarly is the situation with local Pakistanis, they have been using their savings from past 6 months.
Through SMQ, he is working at reducing remittances,
 

TsAr

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Is it an achievement of Imran Khan?

It's all due to the COVID consequences, expatriate Pakistanis are sending home extra money to support, not only immediate relatives but friends and poor.
In fact overseas Pakistan's have skipped to visit Pakistan this year, and have remitted even the ticket money to Pakistan.

Similarly is the situation with local Pakistanis, they have been using their savings from past 6 months.
This is also due to new laws being in place to reduce hundi and other illegal ways to transferring funds to Pakistan.
 

BATMAN

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Through SMQ, he is working at reducing remittances,
It's not only SMQ... it's whole lot gang.
As an example, Zulfi Bukhari is not appointed minister of GCC labor by lady luck.

But imagine at their shamelessness, Imran Khan is presenting this free money coming to his pocket, as his own performance.

Imran Khan didn't asked MBS for job quota, when he was in Pakistan, but he demanded release of criminals from Saudi jails.

I wonder, what was the plan of Imran Khan !
 

BATMAN

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This is also due to new laws being in place to reduce hundi and other illegal ways to transferring funds to Pakistan.
What are those laws? Can i read them at website of OPF?

A labor working in GCC can't afford fees of Western Union. Overseas Pakistanis, must be provided a channel to remit money, same as Musharraf did.
 

TomCat

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Is it an achievement of Imran Khan?

It's all due to the COVID consequences, expatriate Pakistanis are sending home extra money to support, not only immediate relatives but friends and poor.
In fact overseas Pakistan's have skipped to visit Pakistan this year, and have remitted even the ticket money to Pakistan.

Similarly is the situation with local Pakistanis, they have been using their savings from past 6 months.
No,
Overseas Pakistanis are sending money more than ever as many are packing up their businesses or homes and getting back to Pak. This sudden increase and peak is short lived, Wait for my words to become true
 

TomCat

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Increase in July was 12.2pc higher than June 2020, says premier

Rizwan Shehzad | August 17, 2020



Prime Minister Imran Khan revealed on Monday that remittances flowing into Pakistan reached $2,768 million in July 2020 – the highest ever amount recorded in a single month in the history of Pakistan.

Taking to Twitter, the prime minister shared the “good news” for Pakistan’s economy, saying the increase in July was 12.2pc higher than June 2020 and 36.5pc higher when compared with July 2019.

“More good news for Pak economy. Remittances from overseas Pakistanis reached $2,768 mn in July 2020, highest ever amount in one month in the history of Pakistan. This is 12.2% increase over June 2020 and 36.5% increase over July 2019,” the premier stated.

Though a hiccup in ties between Pakistan and Saudi Arabia was recently noticed, the country-wise remittances showed that the highest amount of money – $821.55 million – in July was sent to Pakistan from Saudi Arabia followed by the United Arab Emirates (UAE) with 538.19 million dollars. In June 2020, the remittances from KSA and UAE were $619.43 million and 431.68, respectively.

According to the State Bank of Pakistan’s statistics, the overseas Pakistanis remitted $443.13 million from Dubai, $393.91 million from the United Kingdom, $250.6 million from the US, $88.29 million from Abu Dhabi and $4.69 million from Sharjah in July. The SBP stats show that a major decrease was seen in the remittances from the US, which dropped from $451m in June to $250.6m in July 2020.

The remittances from other GCC countries – Bahrain $42,62m, Kuwait $69.83m, Qatar $82.49m and Oman $102m – is recorded at $296.95 million in the last month.
Similarly, the remittances received from the European countries – Germany $35.34m, France $32.99m, Netherland $4.5m, Spain $38.9m, Italy $49.46m, Greece $20.01m, Sweden $4.85m, Denmark $6m, Ireland $12.25m, Belgium $23,27m – reached to a total $227.57 million.

Pakistan received $22.25m from Malaysia, $10.91m from Norway, $2.83m from Switzerland, $52.11m from Australia, $43.13m from Canada and $9.31m from Japan. The SBP stated that $98.82m were received from other countries, making it to a total of $2768.13 m in July 2020. In June 2020, the total remittances received from these countries were 2,466.28.

Despite the coronavirus pandemic coupled with global lockdowns, the Adviser to the Prime Minister on Finance Abdul Hafeez Sheikh wrapped up the economic performance of the government before the federal cabinet on August 12, saying the fiscal and primary deficit was lower than expected, central bank’s reserves increased and the current account deficit was slashed from 20 billion dollars to three billion dollars in two years.

While giving a rundown of the Pakistan Tehreek-e-Insaf (PTI)-led government’s two-year economic performance, the PM’s advisor said that the fiscal deficit post-Covid-19 was expected at 9.1% but it was recorded at 8.1% and the primary deficit expected at 3.1% was recorded at 1.8% – the lower the primary deficit, the better.

Sheikh said that the current account deficit was brought down from $20 billion to only $3 billion while the reserves of State Bank of Pakistan had increased from $ 8.5 billion to $12.5 billion.

PM Imran has subsequently congratulated the nation in a tweet, saying that there was an upturn in the economy after a struggle of two years. Imran said that the current account and fiscal deficits are down; construction industry and through it job creation is taking off because of the government’s special incentives. He said that the stock market, exports & revenues, cement as well as car sales had gone up despite the pandemic and global lockdown.

It was, however, reported that the bulk of COVID-19 aid funds remained unspent and it was also a reason behind the relatively low budget deficit of 8.1pc of the GDP or Rs3.4 trillion in the last fiscal year as against the earlier estimates of 9.4pc of the GDP.
KSA and UAE alone stand at $1bn, Imagine if we keep on making blunders and upset these two countries, just to see this number see a sudden decline.
 

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No,
Overseas Pakistanis are sending money more than ever as many are packing up their businesses or homes and getting back to Pak. This sudden increase and peak is short lived, Wait for my words to become true
It is indeed short lived, from both angles.

I received many friendly loan requests from Pakistan in past few months, this is in addition to the regular family support etc.

While in Pakistan, average cost of house hold operation has been increased, utility bills have been doubled lately, transport costs are increased, now imagine a family, who's earning hands are abroad, so this they ought to receive increased remittances, as compare to what they used to receive 2 years ago.
Now add COVID test and treatment fees to it. This all add to this temporary spike in remittances.
 

BATMAN

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KSA and UAE alone stand at $1bn, Imagine if we keep on making blunders and upset these two countries, just to see this number see a sudden decline.
This amount would easily double, if govt. facilitate remitting money by providing couple of booths in each city of GCC.
When Musharraf did it, i saw long lines of labor in evening at those booths.
In absence of such facility, only 10% people use Western Union.
 

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Problem with Imran Khan and this Bloody and previous Govs is that the overseas Pakistanis are just tissue paper for them, Use and throw. You keep on feeding the whale, Again and again. But the day you go back to your country, You are looked down by your own people. You invest somewhere in Pakistan, You are bound to lose it as fraud targets are mostly overseas Pakistanis. There is no special financial security for Overseas Pakistanis, No special privileges or rights.

And now, Take the most recent PMIK Housing scheme for overseas Pakistanis as the prime example, He claims that the investment here is 100% safe but the pricing on that cheap land is unjustified, Why ? Because ye Overseas Pakistanis haram ke paise kamatay hain aur inse jitna nikal kar thoos sakte ho, thooso.

There used to be a “Change of Residence” car import scheme which is no more now and the policy was too strict and unjustified for average Middle class Pakistani to import any standard 2.5cc car


@BATMAN
 

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KSA and UAE alone stand at $1bn, Imagine if we keep on making blunders and upset these two countries, just to see this number see a sudden decline.
Saudi Arabia and the UAE will not hurt those innocents workers just because there is a disagreement on certain issues with the government of Pakistan. This is morally wrong and will not happen. Those people have families to feed and parents to look after.
 

BATMAN

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Problem with Imran Khan and this Bloody and previous Govs is that the overseas Pakistanis are just tissue paper for them, Use and throw. You keep on feeding the whale, Again and again. But the day you go back to your country, You are looked down by your own people. You invest somewhere in Pakistan, You are bound to lose it as fraud targets are mostly overseas Pakistanis. There is no special financial security for Overseas Pakistanis, No special privileges or rights.

And now, Take the most recent PMIK Housing scheme for overseas Pakistanis as the prime example, He claims that the investment here is 100% safe but the pricing on that cheap land is unjustified, Why ? Because ye Overseas Pakistanis haram ke paise kamatay hain aur inse jitna nikal kar thoos sakte ho, thooso.

There used to be a “Change of Residence” car import scheme which is no more now and the policy was too strict and unjustified for average Middle class Pakistani to import any standard 2.5cc car


@BATMAN
Pakistan is hijacked by bunch of corrupt minded people.

If you are an over seas Pakistani, your NICOP cost around 15000-PKR if you are local, it cost 500PKR.
I paid 50-EURO for cheap paper quality and misprinted passport.

Imran Khan housing scheme is there because Iran Khan needs $$$$, otherwise overseas Pakistanis have more purchasing power than locals.
If Imran Khan provide protection of purchased property in private housings, that is already more than enough, but their intention is not to help overseas Pakistani. It's just useless gimmicks they are after.

An overseas Pakistani family of 5 would spend 10'000$ on airtickets to come to Pakistan, spend his accumulated work hours in Pakistan, which he other wise can get cash @1000$/day. So he's ready to pay all the bribes from airport to airport just to save minutes. Govt. does this, locals does this, urgent fee etc. for NICOP it's 25'000-PKR.

Airports are paid by the taxes charged to over seas Pakistanis, while the locals get jobs at those airports and make profit on land around the same airport paid by YOUR Riyals/Dirhams.
Pakistan get regular financial aid from GCC, only because lot of over seas Pakistanis work there, otherwise what do Arabs gain by giving away $billions regularly.

Overseas Pakistanis are charged double tax, but Zulfi Bukhari, who brokered marriage of Imran Khan, not need to pay tax in Pakistan. This is how injustice party of Pakistan work.

Overseas Pakistanis must expose the criminal tactics of regime.
 

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Saudi Arabia and the UAE will not hurt those innocents workers just because there is a disagreement on certain issues with the government of Pakistan. This is morally wrong and will not happen. Those people have families to feed and parents to look after.
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