‘Home remittances suffered lower than expected losses’

Published June 19, 2020
“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.”  — AFP/File
“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.” — AFP/File

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

Opinion

Editorial

No end to hostility
Updated 17 Aug, 2022

No end to hostility

It is time for all parties to rise above petty tactics and hostilities for political gains and pull country back from brink.
Deadly accidents
17 Aug, 2022

Deadly accidents

TWO horrific accidents on Tuesday, which resulted in high death tolls, illustrate the dangers people face while ...
New banknote
17 Aug, 2022

New banknote

PAKISTAN has a new currency note to mark the diamond jubilee of independence. The 75-rupee banknote, issued by the...
Shared goals
Updated 16 Aug, 2022

Shared goals

It is high time that all parties realise that negotiation on the economy does not need to be held hostage to political rivalries.
Making amends?
16 Aug, 2022

Making amends?

WHERE relations with the US are concerned, there has been a distinct shift in Imran Khan’s tone. While the PTI...
Hazardous celebration
16 Aug, 2022

Hazardous celebration

CAN celebratory actions that often result in death or lifelong injuries really be described as such? Be it Eid, New...