ISLAMABAD: Prime Minister Imran Khan has directed the relevant ministries to consider extending more incentives to overseas Pakistanis to attract maximum remittances.
Chairing a follow-up meeting on Friday regarding facilitating overseas Pakistanis, particularly to ease and incentivise home remittances through legal channels, the prime minister said that overseas Pakistanis are a precious asset of the country.
He said that the remittances sent by overseas Pakistanis have an important role in the country’s economic stability. He said that the government is determined to extend full facilitation to overseas Pakistanis and their families. He also emphasised the need for evolving a strategy to achieve the targets set for different sectors.
According to data released by the central bank, the remittances sent home by overseas Pakistanis rose 33.5 percent to $2.5 billion in May on a year-on-year basis.
On a cumulative basis, the remittances surged to $26.7 billion during July-May FY21, higher by 29.4 percent compared to the same period of the last year. “Remittances in the first 11 months of FY21 have already crossed the full FY20 level by $3.6 billion,” the SBP said.
According to the central bank data, Pakistanis in Saudi Arabia sent home $7 billion during July-May of fiscal year 2020-21 compared to $5.86 billion in the same period of last year, an increase of 19.5%. During this period, remittances from the United Arab Emirates rose 9.7% to $5.6 billion. Inflows from the Middle Eastern country had stood at $5.1 billion in the same period of last year.
Receipts from the United Kingdom soared 66% to $3.7 billion in July-May FY21 against $2.2 billion in the same period of last year.
Expatriate Pakistanis in the United States sent home $2.5 billion during the 11-month period, which was 58.1% higher than remittances of $1.57 billion in the corresponding period of last year.
