Foreign remittances to touch $13.5 bn this year

[AsifAmeer]

Ambassador Sherry Rehman, Finance Minister Abdul Hafeez Shaikh and his Afghan Counterpart Dr. Omar Zakhilwal in Washington. - APP photo

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WASHINGTON: Pakistan will receive a record $ 13.5 billion in foreign remittances in a sign of overseas Pakistanis confidence in the economic policies of the government, which have now put the national economy on path to stability and growth, Finance Minister Dr Abdul Hafeez Shaikh said Monday.

Wrapping up a weeklong visit to Washington, during which he led Pakistani delegation to the annual IMF-World Bank spring gathering, the finance minister said Islamabads policies are yielding results despite soaring international oil prices and uncertain global economic situation this year Pakistans economy will grow at 4 per cent of GDP, the best in last five years.

Overseas Pakistanis posing confidence in Pakistan (

)will send $ 13.5 billion this year, reflecting a 21 per cent increase from last years $ 11.2 billion, the finance minister said at a Press conference.

Dr Shaikh, who attended several World Bank and IMF forums and met with his counterparts from other countries as well as U.S. officials, said during his interactions, he came away with a positive feedback and appreciation for the governments policies.

He recounted a host of positive indicators including six percent expansion in exports, which follow a 30 per cent increase in exports last year, and a jump of 25 percent in revenue collection (

)in the last nine months from July to March.

Besides a check on inflation and government austerity (

) drive, have also helped ease pressures on the economy.

At the same time, he said, Pakistan is fulfilling its debt repayment obligations and paying back an amount of $ 1.2 billion to the International Monetary Fund this year.

Signifying confidence in Pakistans ability to bring development to its people, the World Bank will "give" (more like

) an unprecedented $ 1.8 billion dollars to the country this year and the International Finance Corporations profile will reach one billion dollars for projects in energy, agricultural, financial, housing , agricultural storage areas.

In addition, the finance minister said, Asian Development Bank has reaffirmed its support for financing of Diamber-Basha Dam.
The finance minister also met with senior U.S. officials during the visit and discussed bilateral cooperation



PERSONAL NOTE: Ex-pats and folks sending remittance from the USA arent sending more money because things are going well here. They are sending more because cost of everything is skyrocketing in Pakistan. I personally know folks who have taken 2nd jobs, pulled their kids out of private schools, to send more money to their parents because cost of medicine and food has doubled! More remittance is not coming in because this Govt did anything Positive. More remittance is coming in to cover the ever-increasing shortfall!

 

[canadian]

Any idea where all these billions are going ?????????

 

[usm100]

Pakistanis are working hard to send in there money to there loved ones in pakistan. The government wont be happy even if they send 20 billion. They want more and more. zardaris tummy would never be filled.

 

[Ahssan Khan]

Any idea where all these billions are going ?????????

In Pockets of our Government officials,
because now money in Swiss banks doesn't seem to be safe anymore (bigsmile)

 

[InsafianPTI]

maybe pakistani community is sending more money too,

but i think this figure has increased for some other reasons too! do you know what??

so our GREAT BRAVE govt has decided to open the Nato supply line,
on that decision govt will get all the money that had been stopped previously by US i.e. aid loans etc, so the announcements that i listened in news was that they will get all of it now, and that too this year, on top of that there is millions of dollars extra aid approved too to be given to govt this year.
World bank or IMF (one of them) have also approved over a billion dollars NEW loans to be given to govt.

Can you imagine the price of it........
better chances of this status quo to come in power again
more interest for tax payers to pay off-more slavery
more money available for our 'sacred elite' to rob through corruption
More sueside bomb blasts
More blood on streets of Pakistan

and many people think so what we are safe so far from this so we don't care!
we just don't care!

 

[zeshaan]

WELL SAID BRO,
Send more money to their parents because cost of medicine and food has doubled! More remittance is not coming in because this Govt did anything Positive. More remittance is coming in to cover the ever-increasing shortfall!

More money available for our 'sacred elite' to rob through corruption+pay and perks,bulletproof suv's,

Can anyone of our's senior govt official(include mna,mpa's primeminister and minister's) work without pay till govt pays all thairs debt's?

 

[AsifAmeer]

• to prop up the Rupee from crashing in the Forex market
• to prop up PSE
• PPP party official bank accounts

Any idea where all these billions are going ?????????

 

[AsifAmeer]

Zeeshan honestly, things are much worse than they look. Changes in economic policies are like changing the thermostat on an AC. It takes hours for the room to cool down after the AC has been switched on. Same with Economic policies. What you are seeing today are the careless policies of Musharraf. PPP's policies effects have yet to kick in.. And when they will, Rupee will not survive.

Every single Pakistani need to educate themselves in Economic matters matters. and take sensible decisions. Here the MOST effective way to protest against your Govt

Get rid of Rupees in your possession and exchange them with Japanese YEN. Stop accepting Rupees for your goods and services. Demand payment in Yen, Gold or Silver. Thats it! THAT IS IT! Your Govt will dance exactly the way YOU want it to!

WELL SAID BRO,
Send more money to their parents because cost of medicine and food has doubled! More remittance is not coming in because this Govt did anything Positive. More remittance is coming in to cover the ever-increasing shortfall!

More money available for our 'sacred elite' to rob through corruption+pay and perks,bulletproof suv's,

Can anyone of our's senior govt official(include mna,mpa's primeminister and minister's) work without pay till govt pays all thairs debt's?

 

[BuTurabi]

بد بخت حکومتیں فارن کرنسی اپنے غیر مُلکی اکاؤنٹس میں جمع یا بیرونِ مُلک ذاتی کھاتوں میں انویسٹ کر لیتی ہیں۔
عوام کو مقامی کرنسی چھاپ کر تھما دیتی ہے جِسکی ردّی کاغذ سے زیادہ کوئی اہمیت نہیں۔
یہ چلن نواز شریف دور میں شُروع اور موجودہ حکومت میں عام ہوا۔​

 

[aneeskhan]

Hafeez Sheikh is better FInance minister compare to his predecessors of PPP who failed badly.Stock exchange also showing good sign,Foreign remittence and Reserves equally supporting him as he doing honestly.
We must not be a bias critic,just recall what was your foreign reseve when Nawaz left 3 billion in total.

 

[Aleph]

Have you written anything on how Musharraf's policies are directly related to the condition of the economy and the value of the rupee today? Die-hard mushy followers maintain till this day that Musharraf years were at least good in that the value of the rupee was better than what it is today.

Will appreciate if you could share anything that you have written on this subject. You can e-mail it to me too if it can't be posted here for some reason (you could start a new thread). Let me know and I will message you my e-mail address.

Zeeshan honestly, things are much worse than they look. Changes in economic policies are like changing the thermostat on an AC. It takes hours for the room to cool down after the AC has been switched on. Same with Economic policies. What you are seeing today are the careless policies of Musharraf. PPP's policies effects have yet to kick in.. And when they will, Rupee will not survive.

Every single Pakistani need to educate themselves in Economic matters matters. and take sensible decisions. Here the MOST effective way to protest against your Govt

Get rid of Rupees in your possession and exchange them with Japanese YEN. Stop accepting Rupees for your goods and services. Demand payment in Yen, Gold or Silver. Thats it! THAT IS IT! Your Govt will dance exactly the way YOU want it to!

 

[insaf-seeker]

Totally agree to your personal note, just one more point to add, people are leaving Pakistan in great number than ever before due to uncertainty and joblessness. So its obvious that the more foreign remittance will come to Pakistan.

 

[canadian]

maybe pakistani community is sending more money too,

but i think this figure has increased for some other reasons too! do you know what??

so our GREAT BRAVE govt has decided to open the Nato supply line,
on that decision govt will get all the money that had been stopped previously by US i.e. aid loans etc, so the announcements that i listened in news was that they will get all of it now, and that too this year, on top of that there is millions of dollars extra aid approved too to be given to govt this year.
World bank or IMF (one of them) have also approved over a billion dollars NEW loans to be given to govt.

Can you imagine the price of it........
better chances of this status quo to come in power again
more interest for tax payers to pay off-more slavery
more money available for our 'sacred elite' to rob through corruption
More sueside bomb blasts
More blood on streets of Pakistan

and many people think so what we are safe so far from this so we don't care!
we just don't care!

I also suspect bribe money ( in billions ) is being sent out thru HAWALA and then brought back to the Country is also "shown" as foreign remittance.

 

[AsifAmeer]

Anees, every single human works in his OWN interest. A Show is always run from behind the curtain! How often do u see Hafeez Sheikh giving interview to the media? Role of a Finance minister and the governor of State Bank are the MOST important positions held in Pakistan.

Fact is Hafeez ka bas nahi chalta warna he would be collecting Yaseen's salary too. SBP should have RAISED the rates back in last Oct. Instead it dropped the rates to 12%. Why? To facilitate rollover of the maturing Govt Debt. Because of reducing the the interest rate, there was a run on the Rupee in the Forex market because of which we saw a 5% devaluation in the Rupee against the dollar. Imports got expensive (oil, medicine,ect) Why? TO FACILITATE GOVT PAPER TO ROLL OVER!

Honestly Pakistan should either raise its rates to 18% or expect the dollar to rise over Rs100...

Hafeez Sheikh is better FInance minister compare to his predecessors of PPP who failed badly.Stock exchange also showing good sign,Foreign remittence and Reserves equally supporting him as he doing honestly.
We must not be a bias critic,just recall what was your foreign reseve when Nawaz left 3 billion in total.