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ISLAMABAD: Pakistan has become the fifth largest remittances recipient developing country in 2011, witnessing a strong growth of 25.8 per cent during the last year in 2011 compared to the 10.1 per cent growth in South Asia remittances.
The upward trend in remittances, during the period under review, was derived from a per annum average growth from UAE of 32.2 per cent followed by United Kingdom 30.1 per cent, Saudi Arabia 27.3 per cent, European Union countries 25.3 per cent, other GCC countries 15.1 per cent and United States of America 9.5 per cent from 2007-08 to 2010-11, states a document issued in Economic Survey of Pakistan.
During July-April 2011-12, workers remittances grew by 20.2 per cent and stood at $1.83 billion 10.9 billion. The cumulative increase of $1.83 billion during July-April 2011-12 over the July-April 2010-11 is largely attributed to the government efforts to divert remittances form the informal to the formal channel.
Since the launch of the Pakistan Remittances Initiative (PRI), the share of workers remittances coming through the banking channel has increased considerably from 75 per cent in 2009-10 to 91 per cent in 2011-12.
The World Bank estimated that the flow of remittances to developing countries in 2011 increased by 0.8 per cent from $ 325 billion 2010 and is expected to grow at seven to eight per cent annually till 2014.
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Comments (60) Closed
Jul 21, 2012 02:48pm
Every decent Pakistani is doing his/her share. Like the rest in the country (government, judiciary, armed forces), we should try not to make it us against them. We all play our parts. Many of us expats try their bit, many times for our own selfish reasons and at others to truly contribute. Others inside the country put their sweat and blood in the most trying circumstances to make it work and those who do it honestly have such big shoulders. Let us be thankful to all the good souls and try not to compartmentalize ourselves. Looking at the saga called Pakistan, one of the biggest flaws in us is that we do not know or want to play as a team.
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Jul 22, 2012 05:10pm
Raja sb....dual national are from Uk which contributes 30.1being member of CWealth, whereas USA, EU allow citizenship only whereas no citizenship nor dual nationality allowed in any ME / GCC....they are only expats who are Pakistanis n they r the highest remitters....USA the lowest remitters n most of our contenders for dual nationality are from USA n UK....we shud allow only expats all the facilities including MPs....no use trying to confuse expats with dual nationals pls.....
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Jul 21, 2012 03:53pm
Expat Pakistanis can not save money and progress because of the ever increasing burden of supporting their families in Pakistan. therefore, they live a life of sub human in ME and Europe. They stay away from seeking education because of huge cost, never have enough funds to establish an honorable business overseas. Just work hard on daily basis, make money and send home to support their improverished relatives. This is the case with the vast majority of the expat Pakistanis but offcourse not to all as very few of them have been very successful in education and business. Govt. of Pakistan needs to pay attention on economy on emergency basis like it does on defense of nation as both are intertwined.
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Jul 21, 2012 06:46pm
Hats off to the Pakistan Remittance Initiative (PRI) and the State Bank of Pakistan for a job well done!
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Jul 21, 2012 03:52pm
Worse the economy, higher the remittances go. Government is taking the credit for high remittances. If people can support themselves in Pakistan overseas Pakistanis would have to send less money home. Government's criminal negligence and corruption led to chaos in society and in every field in Pakistan. Skyrocketing unemployement, poverty, deteriorating law and order, terrorism, lack of infrastructure, lack of electric power, illiteracy, lack of business opportunities and foreign investment, widespread corruption in every field and ever increasing crime are just some of the main reasons that all of the burden falls upon expat pakistanis.
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Jul 21, 2012 12:07pm
It is so interesting that 65% of the money comes from the NATO countries which Pakistanis hate the most. I do not see all weather friend whose friendship is higher than the mountain China's name any where in the list. So the NATO countries are in the sense customers and China and Russia are vendors. So if any business which loves its vendor more than its customer than it will go bankrupt very soon. No wonder Pakistan is in economic trouble.
Plus poor hardworking overseas Pakistanis working under extreme condition send money. Political and military class squanders it on foreign trips with large delegation. Your president is running around the globe with large delegation every 2nd day. What a shame.
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Jul 21, 2012 06:24pm
Both good and bad news. A part of these remittances reflects the hunger and poverty that prevails under this government. People are receiving money from more distant relatives who under normal circumstance would not contribute to their upkeep. I know people who are receiving regular remittances from cousins and even second cousins as they face near life or death situations.
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Jul 22, 2012 01:25pm
The functionaries of this government,always take credit for the increase inflow of funds from Pakistanis abroad.I was always wondering ,what they have done to earn this honor !Now It has crossed my mind that the present government have managed to create conditions in the country that relatives abroad have to work over time to earn extra
money,so that their
families can survive under this corrupt regime.
Well done PPP.
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Jul 21, 2012 12:08pm
You must be kidding.....You really think they send it for Strengthning Pakistan Economy ? Have you seen these expatriates living under what conditions?
And really..is it point to be Proud of getting remittances? It should not be considered as main resource of Economy. Industries from within the country should be main resource.
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Jul 23, 2012 10:00am
Only the brave venture outside their countries for a better future. Couple of ceturies ago the whole of Europe got up to seek fortunes in America.They now hold the world in their hands as the American nation is the product of the brave. Now thgink about the people who have left their hearth and homes in Pakistan to uncertain future. We are then the brave.
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Jul 21, 2012 10:55am
It clearly shows the commitment of expatriates who are contributing a big chunk in Pakistan’s economy .They are true and loyal Pakistanis. Wish them good luck.
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Jul 21, 2012 12:24pm
"Why dont they leave then, whos stopping them"
This news shows that it finally happened !
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Jul 22, 2012 05:41pm
Straw man argument. No one said dual nationality holders are traitor. Such statements hinder honest debate.
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Jul 22, 2012 11:39am
Read Mustafa Razavi's comment to enlighten yourself.
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Jul 21, 2012 06:48pm
Thanks Ali - but when we return home, Iftikhar Chaudry and his band of self-rightous league will doubt our loyalties. I am not sure if we would be even able to vote then.
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Jul 22, 2012 11:37am
100% correct.
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Jul 22, 2012 11:36am
Pakistanis don't hate any country, they just don't appreciate some of their policies.
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Jul 21, 2012 11:24am
We owe to our hard working overseas brethren. Had it not been for them our dismal economy would have hit the rocks.
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Jul 24, 2012 11:31am
No really but you can dream on.
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Jul 23, 2012 11:11am
Every pakistani muslim is doing his bit we need to eradicate the current poitical setup if we need to grow or save pakistan, these uneducated corrupt, disbelivers are destroying pakistan, soon they will be forgotten in history inshALLAH..
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Jul 23, 2012 11:09am
so true and i had to copy, india is receving more than pakistan.... fact
It could have been informative to show which other countries were ranked above Pakistan, as the title shows it was fifth. I read it elsewhere they were India, Mexico, Philippines and China in the same order.
It is not necessarily a negative sign, as many commenters are suggesting. Pakistan has a highly potential young population capital; with such a high population growth rate providing employment along the way as our economy is growing slowly will be a daring task. Export of population capital as temporary workers to Middle East may be healthy. The case of EU and USA is different though, lack of opportunities at home potentially throwing off highly motivated, and educated, opportunity seekers, who could be the fuel for growing economy. However, it also in many ways healthy for future advancement of economy, especially when a reverse flow of investment begins.
China is an example, it tops on the Current Account Balance and third among the foreign remittances. That clearly indicates that a large amount of remittance does not always represent, a bad weather back home, it could be a function of traditional thinking that allows better-off relatives to look after the others.
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Jul 21, 2012 04:07pm
The expatriates are acting as a savior for the economy of Pakistan. Hope that with such huge expatriates support the government make our internal economy stronger so that overall the living standard of Pakistani people rises.
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Jul 21, 2012 01:42pm
It is pity for billion dollar business men those claiming that they are growing and developing industries for the sake of Pakistan and providing jobs to Pakistanis. They all are liars. They are only looking for their profit grow by hook and crook and boosting their so called business Empire at the mercy of poor peoples of Pakistan. Nation must be proud of our unsung heroes, who face a lot of problems when they come home on vacation even then, never complaint about what is being happened to them.
QA Siddiqui
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Jul 22, 2012 08:15am
Politicians would get more benefit!!!
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Jul 22, 2012 08:02am
I can only hope the households receiving remittances are wisely spending it.The general observation is Easy Come Easy Go. The brothers and sisters back home must keep in mind that there is too much hard work behind the money flowing into their accounts.
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Jul 21, 2012 01:33pm
While expat Pakistanis may perhaps be sending a lot of money back to Pakistan, but Pakistani missions abroad are absolutely useless. The ambassadors and consulates are usually political appointees and the Embassy/ Consulate staff usually give you an impression that you are on your own, when you ever ask them for help.
I and many more like me, have decided not to send a dime to a country when our lives are of no value when we visit Pakistan and our consulates treat us as nothing more but an instrument for generating cash through sale of over-priced passports and Overseas Pakistani ID Cards.
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Jul 21, 2012 07:20pm
Ironic that your photo illustration shows $ and £ when most of it is coming from the UAE. Dhs. wouldn't hurt.
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Jul 21, 2012 07:32pm
Why dont people vote for ppp again....
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Jul 21, 2012 07:51pm
Thank you for appreciating the over seas brothers, How ever the supreme court and others think of us as traitors with dual nationality
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Jul 21, 2012 08:49pm
Biggest cause of inflation?
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Jul 21, 2012 09:27pm
I agree, well done expatriate Pakistanis.You are not only working abroad and helping Pakistan survive but also making a well decorated place with all the blessings of Allah in heaven ,all Pakistanis pray that may Allah in his infinite mercy grant you and your children all the health and happiness in this world too...Ameen
Major,retd, M Anwar Alam
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Jul 22, 2012 01:09am
Shame on Pakistan, 65+ years of independence and they are dependent on remittances, foreign loans and aid handouts.
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Jul 22, 2012 02:13am
SC should take immediate suo moto to stop the remittances from dual national holders like they suspend the membership of dual national legislatures.
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Jul 22, 2012 02:18am
keep it up. that is a character of a united nation. PAKISTAN ZINDABAD,
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Jul 22, 2012 03:24am
We also owe it to the people of the host countries (most of them liberal and secular) who have given us opportunities.
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Jul 22, 2012 06:37am
The news would have been more complete, if we would have known the other 4 countries and the remittances sent by them.
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Jul 22, 2012 02:56pm
Well said
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Jul 22, 2012 07:13am
Great work.
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Jul 22, 2012 02:31pm
It could have been informative to show which other countries were ranked above Pakistan, as the title shows it was fifth. I read it elsewhere they were India, Mexico, Philippines and China in the same order.
It is not necessarily a negative sign, as many commenters are suggesting. Pakistan has a highly potential young population capital; with such a high population growth rate providing employment along the way as our economy is growing slowly will be a daring task. Export of population capital as temporary workers to Middle East may be healthy. The case of EU and USA is different though, lack of opportunities at home potentially throwing off highly motivated, and educated, opportunity seekers, who could be the fuel for growing economy. However, it also in many ways healthy for future advancement of economy, especially when a reverse flow of investment begins.
China is an example, it tops on the Current Account Balance and third among the foreign remittances. That clearly indicates that a large amount of remittance does not always represent, a bad weather back home, it could be a function of traditional thinking that allows better-off relatives to look after the others.
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Jul 22, 2012 01:19pm
Everything you said is surprisingly same and applicable for India too.
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Jul 22, 2012 07:16pm
I think brother Rajah, you have got it wrong, overseas brothers with dual nationality are not traitors.
You have to understand, that it is to stop few people like rehman malik who rob the country, and then go abroad, when their government is not in power.This happens every time these crooks come in to power. This looks hard on most of the very loyal overseas. But I think we should pay this price, until Pakistan becomes stable.
So please, please, do not feel this way. I am a overseas for the last 48 years, but I love my country, and I want my country to improve things for me when I come to Pakistan. Like fraud when we buy property, and so on
I must say one thing as the years go by, less and less remittances will come. As our children, and their children will send none.
As I have experienced my self, where before I use to come three to four times a year, and my children use to come every year, but they do not come any more.
It make me sad, that even my parents don't come.
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Jul 22, 2012 07:22pm
I wish 99% of PPP, and 99% of the other political party leave Pakistan with a one way ticket, and never to return.
This will be a good star for the PTI.
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Jul 22, 2012 08:36pm
and yet ... the country struggles, on all fronts ... from A to the Z
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Jul 22, 2012 08:37pm
It is the poor, treated with disrecpect by the arrogant upper and middle classes that are keeping the country's economy alive with their sweat and labour; as for the ruling and the upper classes, they are busy buying villas and property abroad by raping the country. Pakistan refuses to go down; it is propped up by the blood, sweat and toil of the poor and the down troden.
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Jul 22, 2012 09:13pm
Bottom line is being able to help whether your presense is abraod or domestic. Don't let anyone reclassify a good deed with the reflection of their own shortcomings.
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Jul 22, 2012 09:31pm
most of brothers and sisters are doing lower jobs in foreign countries, they just send money for there relatives
and also try to invest in there own country for better future, but what does our politics etc do in pakistan, which guarantee they give them for better future,
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Jul 22, 2012 10:05pm
This not something be proud of we are living by the hand out of our hard working Pakistani brothers and sisters. They have BEEN sending money on regular basis for decades and how we thank them they land in Karachi and get mistreated by customs, many get robbed before reaching their homes. No matter who you are a common worker in UAE or a Engineer or Doctor in USA our overseas Pakistanis are our best support and we must treat them well.
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Jul 22, 2012 10:06pm
Agree 100% with Naseer, well said.
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Jul 22, 2012 10:09pm
Yes, you have point but come on they struggle and send funds to Pakistan to make Pakistan a better place but what Pakistani policy makers are doing every day taking country into deeper problems.
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Jul 22, 2012 10:17pm
Don't try to put a fast one the idea behind banning dual nationals form key government positions is to protect Pakistan from the corrupt Pakistani politicians with dual nationality. They rob the country and when their term is over they than run to other countries for good life. Nobody is preventing overseas Pakistanis to vote, do business or to do charity work in Pakistan. .
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Jul 23, 2012 01:07pm
Its time to throw off the likes of PPP, PML-N in the next elections. From top to bottom everyone is corrupt and none of these parties have done ANYTHING AT ALL for the country - they are only busy abusing and accusing each other and each one is proving that they are the best... all of them should exit and new blood.... honest people who dont have any interest in pocketing the government ex-chequer and plundeing the country's riches.
We have everything in Pakistan but GOOD & HONEST leaders who would take the nation to prosperity and fame... to greater heights. Even a country like Bangladesh (which was once a part of us) is on its feet and within the next 10 / 15 years it claims that there will be 100% literracy....but look at us... all of us residing abroad will continue to sedn money no matter what the amount is.. if it helps our great country to survive in these days of hard times.. PAKISTAN , ZINDABAD....
SG
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Jul 23, 2012 07:04am
South west Asia has been a manpower export region for centuries and will remain one for a long time to come. What we need to do is to educate our population better that till there are job opportunities at home, at least our workers abroad can command respect, better living conditions and progress in their careers.
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Jul 23, 2012 07:09am
Indeed that is the case.
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Jul 23, 2012 07:11am
Good point but don't expect anything from Government and neither from Judiciary who sees us as outsider..giving no right to vote.
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Jul 23, 2012 07:14am
Good point about Consulate and Embassy.
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Jul 23, 2012 05:17pm
WE were saperated at birth , but have SAME DNA
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Jul 23, 2012 06:47pm
Thank you so much for appreciation sir. This world is full of critics.
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Jul 23, 2012 06:59pm
Of course they send it to their families but ultimately it's the economy of a country which will be benefitted. I also agree with u about their worst conditions in Middle Eastern countries and a country should not depend on remittances rather on industries. I commented about their commitment. Your comments even make it more worthwhile as they are suffering a lot everyday but still support their country.
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Jul 23, 2012 07:58pm
The expats are doing their part, is the money received being used properly. I have serious doubts on this front.
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Aug 12, 2012 12:39am
Good to know that overseas Pakistanis are sending money to Pakistan. But what if our politicians are not doing good in the country? We can't survive just on these foreign remittances no doubt it can boost our economy but with this our internal investors should invest in Pakistan to stabilize the economy.
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