PM hails 'good news' as September remittances jump 31pc over last year
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Prime Minister Imran Khan on Monday hailed a jump of 31.2 per cent in remittances for September, terming it "good news for the economy".
Pakistan received remittances of $2.3 billion in September driven by gradual re-opening of major host destinations such as the Middle East, Europe and the United States, data released by the State Bank of Pakistan (SBP) showed on Monday.
Remittances in September remained above the $2bn-mark for the fourth consecutive month in a row and were 31.2pc higher than the same month last year and 9pc higher than in August.
Cumulatively, inflows during July-September jumped 31.1pc year-on-year to $7.174bn compared to $5.452bn in the corresponding period last year.
“Despite Covid, more good news for our economy. Alhamdulillah, remittances from our hardworking overseas Pakistanis rose to $2.3bn in September 2020, 31pc higher than last September and 9pc higher than August 2020. This marks the fourth consecutive month that remittances have remained above $2bn,” the premier said via Twitter.
The central bank said remittances in September were slightly higher than the SBP’s projections of $2bn supported by efforts under the Pakistan Remittances Initiative (PRI).
“The higher remittances are largely due to expats sending money home during difficult times amid Covid-19 along with limited avenues to spend in host countries (due to lockdowns),” said Topline Securities’ Chief Economist Syed Atif Zafar while speaking to Dawn.
Saudi Arabia emerged as the top destination for remittances as Pakistani overseas workers from the country sent around $666 million during September, an increase of 29pc year-on-year. Meanwhile, inflows from the United Arab Emirates rose 12pc over last year to $473m during the month under review.
In addition, remittances from the United States and the United Kingdom also jumped by 54pc and 64pc to $180m and $289m, respectively.
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On DawnNews
Oct 12, 2020 03:07pm
Right now, at the moment, PSX dipped to -604 points.....Billions of Rupees of the people vanished.
If that's the "good news" then let "bad news" come in.......
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Oct 12, 2020 03:08pm
Government's policies working, people trust this government.
Despite Covid problems, increase in remittances is very encouraging.
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Oct 12, 2020 03:15pm
How much remittance by his sons?
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Oct 12, 2020 03:15pm
@bhaRAT©, increase in remittances is a reflection other host countries are doing well .
Nothing that Pakistan has done...again the illiterates of Pakistan are being taken for a ride by this PM..shameful to say the least.
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Oct 12, 2020 03:15pm
People are becoming jobless in Pakistan. They are asking for support from their relatives abroad, hence relatives are sending money to them
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Oct 12, 2020 03:18pm
This jump of 31% in fact is a big drop in actual remittances because, the unofficial channel, which accounted for almost 65% of remittances, has been closed. Besides, hundreds of thousand workers in the ME countries have been sent back home due to Covid-19 closures that actually has reduced the actual total remittances, while those sending through banks have increased.
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Oct 12, 2020 03:20pm
Either loan or remittances by people serving abroad. These are only good news for Pakistan? Something is seriously wrong!
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Oct 12, 2020 03:20pm
@Jill, you mean KSA is doing better than before after an oil dip. And UK doing better after a 21 % contraction in the economy?
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Oct 12, 2020 03:21pm
We will double these remittances. Good and trusted leadership.
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Oct 12, 2020 03:22pm
@Jill,
The whole world suffered economically with Covid, like your economy tanked 25% after the most Draconian lockdown anywhere!
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Oct 12, 2020 03:22pm
It reflects the reopening of Host countries and their economic activities and the people working there , so how it is related to his governance and policies?
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Oct 12, 2020 03:25pm
@Jill,
you talk about Indians.
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Oct 12, 2020 03:25pm
@bhaRAT©, you really dont understand economics then.
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Oct 12, 2020 03:30pm
We are lucky to have a good PM, who despite the pandemic has enabled through his policies, increase in remittances from expatriates. While others are sliding down fast, due to poor leadership.
'In the case of India, net worker remittances dropped to $11.69 billion in the April-June 2020 quarter, down from $13.534 billion in the January-March 2020 quarter, according to Balance of Payments data published by the Reserve Bank of India on Sept. 30'
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Oct 12, 2020 03:31pm
Compare with previous year previous month, previous 15 days, previous 5 days, ........ If the result of the comparison is +ve, advertise to public.
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Oct 12, 2020 03:33pm
But what benefits are getting those who sending remittances ?
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Oct 12, 2020 03:33pm
@bhaRAT©, Govt is not doing anything It’s useless, it’s the overseas people who are running this country.
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Oct 12, 2020 03:44pm
@Critic ,
Just like your NRI's??
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Oct 12, 2020 03:44pm
It depresses me that I thought Imran Khan was any better
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Oct 12, 2020 03:46pm
So, country is running on remittances of overseas Pakistanis. Then what the government is doing? Is this our destination, total dependence on loans and remittances?
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Oct 12, 2020 03:49pm
@Zak,
Well stated with real figures.
RSS devotees are oblivious to such data as their controlled media deliberately keeps them focussed on Rhea Chakraborty episode!
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Oct 12, 2020 03:55pm
Whats in it to celebrate, this means people/relatives in Pakistan need More financial support than last year. That is why their relatives need to send more then ever, even by cutting their basic needs in host country or simply making more money in host country. What is the achievement of our government in this. the comments appreciating the TRUSTED LEADER doesn't make any sense.
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Oct 12, 2020 03:57pm
If there is any contribution from the government it should be from PMLN & PPP sir....
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Oct 12, 2020 03:58pm
Because there is no Employment in Country.
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Oct 12, 2020 03:58pm
PMIK trying hard to keep his post. Matter of time this guy will be booted out by his own selectors.
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Oct 12, 2020 04:04pm
How much of it is because of people moving back to Pakistan because their employment has ended. Those people will not be sending any more money to Pakistan. But fact fudging is a old game in Pakistan.
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Oct 12, 2020 04:10pm
Foreign remittance to Pakistan increased as Pak Rupee against Dollar decreased , it affects the remittance amount also.
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Oct 12, 2020 04:15pm
I K beats the drum for every positivity and keeps a blind eye for every negativity.
R.S. Menon, Gurgaon
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Oct 12, 2020 04:16pm
Hard working Pakistanis sending money to their own family. What is the government getting out of this? Why a prime minister is boasting for such a simple thing which can be said by financial secretary..
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Oct 12, 2020 04:16pm
@bhaRAT©, The remittances will further improve in line with skyrocketing inflation. Celebration time.
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Oct 12, 2020 04:23pm
Expect some bad news in the coming months when the remittances come down as a result of jobs vanishing in the world and the prodigals returning home.
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Oct 12, 2020 04:23pm
@bhaRAT©, labelling anyone indian who doesn’t agree with you, sounds like Imran Khan vs nawaz sharif....
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Oct 12, 2020 04:30pm
The reason why overseas Pakistanis are sending more money is we trust IK not to purchase Park Lane Apartments with it . This is why FBR tax revenue has also gone up despite Covid 19. Those who want to kick him out without giving him 5 years be careful what you wish for. Most overseas Pakistanis and even local tax payers will stop paying if you bring back the same old guard. !!
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Oct 12, 2020 04:31pm
It seems that we have to leave in remittances rather than exporting more. We are getting more remittances because lot if laborers from gulfs are laid off. They are sending all their saving. It may continue for a month then drastic decline.
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Oct 12, 2020 04:33pm
Such statements from a PM of a country makes it easier to understand why Pakistan ends up inneed of handouts
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Oct 12, 2020 04:36pm
What is there to be proud of it is hard working blue collar workers send for kith and kin for better future,why IK claim credit for himself.
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Oct 12, 2020 04:49pm
@bhaRAT©, what is there to be proud of hard working Pakistanis sweat their blood to make money with harsh claimate,India is not totally dependant on expatriates remittance they have $590 billion plus in its kit why do you want compare,compare with education,healthcare, infrastructure, standard of living, scientific advancement.
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Oct 12, 2020 04:49pm
And does government offer same pension, house rent, utility allowance to those hardworking overseas Pakistani as its offering to its workers whom are good for nothing ?, if not then its just a shame to get joy on money which they are sending to their families whom despite appreciated value cant able to get benefit as inflation is above that dollar parity.
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Oct 12, 2020 04:52pm
@Jill, we overseas Pakistanis trust his goverment and are sending more money back home than previously which was invested outside.
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Oct 12, 2020 04:54pm
@M. Saeed, Trying to spin negative out of a very positive development. Its funny how different people are trying to make it a negative story using very active imagination.
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Oct 12, 2020 04:57pm
@Vivek Lahore, overseas Pakistanis are not only sending remittances to their relatives, but also for investment in Pakistan.
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Oct 12, 2020 04:59pm
@Critic ,
Its obvious how many of you impersonate. Duplicitous trait!
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Oct 12, 2020 05:00pm
Ok good. Now pay back loans.
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Oct 12, 2020 05:19pm
@Aleem , NS. Much better pm than IK
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Oct 12, 2020 05:21pm
Good news let’s now pay back loans
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Oct 12, 2020 05:22pm
IK stop taking more loans that can be good news
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Oct 12, 2020 05:24pm
@Jill, great point I love your comments
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Oct 12, 2020 05:24pm
Nothing to celebrate by PM. People who are sending remiittetence due to higher inflation in country and family they are supporting are struggling to cope with higher bills and higher prices on everything. People who are earning in local jobshave no choice just to suffer and hail PM
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Oct 12, 2020 05:37pm
And he takes credit for it!!
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Oct 12, 2020 05:56pm
What's the contribution of this government in this remittance.
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Oct 12, 2020 06:23pm
@ ON ., very stupid comment, either way at least they sending money to Pakistan and not taking it away.
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Oct 12, 2020 06:26pm
He was claiming that if he becomes pm people will come to pakistan in search of jobs
and now he is celebrating the brain drain and the joblessness in the country.
people go abroad due to unemployment in the country if more remittances are recorded it means more people have gone abroad due to joblessness in pakistan.
congrates pm for this achievement.
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Oct 12, 2020 06:29pm
@Jill, that is very rare case and specially in this corona hit conditions
while the realty is that people have trusted the govt due and shun the illegal ways of sending money to pakistan like hawala hundi etc.
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Oct 12, 2020 06:31pm
@ ON ., Stupid comment ,why would they send money to their father.
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Oct 12, 2020 06:34pm
There can be variety of possible reasons for increased remittences like
1) More money sent by the people through legal channels due to increased living expanses in the country
2) People who used to send money through illegal channels like hawala hundi have resorted to legal ways and like banking channels due to patriotism and realising the critical economic conditions of pakistan.
3) More people have go abroad due to joblesslessness in the country.
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Oct 12, 2020 06:36pm
This is not a reason to celebrate. How long country can rely on it. Country should export to pile up foreign exchange.
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Oct 12, 2020 06:39pm
@Jill, kindly analyise the conditions around the world
all the world's GDP has plunged to negative figures pakistan has done better than even developed countries it has less economic losses and have controlled covid19 better than other WHO has also hailed pakistan's efforts.
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Oct 12, 2020 06:41pm
Hawala/ Hindi business has deminished that lead to rise in remittances.
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Oct 12, 2020 06:58pm
Name one policy by this Govt that caused this increase in remit!
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Oct 12, 2020 07:27pm
It is time to develop industries in Pakistan, remove all restrictions and appoint qualified personnel who understand international competition instead of military personnel who do not understand profit/loss since they grew up on taxpayer money.
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Oct 12, 2020 07:37pm
Now PMIK solely depends on remittances for survival. Pathetic.
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Oct 12, 2020 07:38pm
I don't know why IK feels proud about it. It only shows Pakistanis have to do servile work in other nations and have to endure bad treatments. Because the government cannot generate enough jobs for them in the country.
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Oct 12, 2020 07:43pm
Never heard any PM other than IK hailing remittances and loans.
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Oct 12, 2020 08:12pm
Nation living on handouts
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Oct 12, 2020 08:25pm
People need more money due to inflation so obviously relatives have to send more to make ends meet. Not one is getting any better footing financially.
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Oct 12, 2020 10:14pm
Remember...."all is well.."
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Oct 13, 2020 01:27am
@Sarcasm, This is no rocket science that makes this difficult to understand. More money coming in from aboard means a healthier foreign exchange reserve. What is it in here that is so difficult? Nobody needs to have a Ph.D in Economics to understand this simple equation.
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Oct 13, 2020 02:44am
its shame that PM is just thrilled to see the money from the hard working overseas Pakistanis.
My question is what's your government is doing to raise the reserve.
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Oct 13, 2020 01:40pm
Loyal People of Pakistan
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