Abroad Pakistanis Send $5.275bn from July to Oct 2013

KARACHI: The payments from overseas Pakistanis came as a help for the ill economy of the country. As economy of Pakistan is sprawling in approximately all the ways.  The state bank of Pakistan on Monday reported that the payments that were sent by the overseas Pakistanis had risen from $311 million to $5.275bn in four months from July-2013 to October-2013. While it was an amount of $4.964bn last year.

The amount that had been sent by abroad Pakistanis this year ($5.275 bn) is nearly equal to the reserves of commercial banks and is 25 percent higher than the amount which SBP’s foreign exchange holds.

Country’s capital, mainly of SBP, has been declining harshly because the inflows have no relation with the outflows. The main share in outflows is of returning of debts.

The approximate outflow of income and share was only $202m while foreign direct investment inflow was $231 only of the current year from July to September. Due to this unbalances situation the current account shortage has decreased to 1.2bn.

The payment of abroad Pakistanis has now turned into a backbone of the country, in order to return the debts and capital. Last year the payment was raised from $1.318bn to $1.24bn.

Atif Ahmed said that the reserves were declining and IMF was sucking the foreign exchange reserves and in order to save the country they have to make their relationship with the neighboring countries better.He added that as Saudi Arabia, U.A.E, US, and UK are the major donors of the payments to Pakistanis. As Pakistanis sent $1.459bn, $1.060bn, $850m and $807m from S.A, U.A.E, US and UK respectively.

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