ISLAMABAD: Pakistan has suffered lower than estimated losses to its home remittances after Covid-19 due to timely actions and facilitation to senders, recipients and processing banks.
“Remittances to Pakistan declined by 4.3 per cent (year-on–year) during March-May 2020 compared with the World Bank’s forecast of 23pc decline for 2020,” Secretary Finance Naveed Kamran Baloch told a webinar organised by DFID and UKAid.
He said the decline in case of Bangladesh was 16.7pc during March-May 2020, the only comparable regional data available. The DFID and UKAid had organised the function to mark the Call to Action and the International Day of Family Remittances Action, an official statement said.
Mr Baloch said the initial assessment in Pakistan had suggested a sharp decline in remittances from April 2020 on wards due to Covid-19 pandemic. However, the government swung into action to mitigate these adverse impacts by asking the banks to conduct aggressive awareness campaigns to inform the senders and recipient of remittances about available digital/online channels for sending and receiving remittances.
The banks were also asked to conduct similar campaigns with their overseas correspondents and further advised to ensure availability of cash in remittance rich areas to cater to the needs of recipient of cash remittances.
Published in Dawn, June 19th, 2020