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‘Pakistan $32 billion remittances in current fiscal’: Zulfi Bukhari lauds Pak expats for breaking record

hydrabadi_arab

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ISLAMABAD: Reacting to a foreign newspapers report about Pakistan to get $32 billion remittances in current fiscal, Special Assistant to Prime Minister on Overseas Pakistanis and Pakistan Tehreek-e-Insaf leader Sayed Zulfiqar Bukhari on Saturday showered praises on Pak expatriates.

In a Tweet, he said: “More record breaking remittances.

“OverseasPakistanis never fail Pakistan, it’s time we open our hearts & welcome talented & highly educated individuals from among our diaspora to come & serve our country.

“Let there be a Pakistan with equal opportunities for every Pakistani.”

Earlier a Gulf based newspaper, quoting latest data released by the State Bank of Pakistan (SBP), in its report said that Pakistan was on track to achieve a record $32 billion in remittance inflows in the current fiscal 2021-22 as its over nine million overseas workers remitted a record $8.04 billion during the first quarter ended on September 30.

The central bank showed that non-resident Pakistanis sent 12.5 per cent more money back home during the July-September quarter compared to the same period last year. It is the highest ever quarterly remittance received by the country in its 75 years of history.

"If the first-quarter trend persists, Pakistan remittances could hit the figure of $32 billion during the current financial year. This contributes significantly to countering external pressure on balance of payment,” according to the Trust Securities and Brokerage Limited.

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Overseas Pakistanis residing in the UAE and Saudi Arabia contributed a major share in total remittances as they sent $1.55 billion and $2.03 billion, respectively. The remittance outflows from the UAE to Pakistan climbed nine per cent year-on-year basis, while Saudi Arabia registered a slight decline of three per cent during the quarter. Remittances from the US and UK soared 32 per cent ($833 million) and 13 per cent ($1.12 billion), respectively. First-quarter inflows from the European Union surged 48 per cent to $889 million from $601 million in the same quarter last year.
$40b exports, $32b remmitances. Still CAD will be around $12b which mean imports $85b, damn
 

Ali_Baba

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All this is doing is buying economic time - it is unfortunate that Pakistan is so dependent on remittances - ie export of its people rather manufactured products and services.

This has to change and good to see that IK and PTI are starting to make those changes.
 

Hakikat ve Hikmet

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Good days are knocking at Pak’s doors….

No wonder the Pak Deep State needs to ensue PDM, PTM, Sherifs, Zardaris etc. are dead and burnt to the ashes…..
 

Jungibaaz

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$40b exports, $32b remmitances. Still CAD will be around $12b which mean imports $85b, damn
With such strong imports, the one silver lining is that they indicate strong demand and good GDP growth. The key challenge remains the export component, the bigger we make that component, the larger CAD we can sustain, the more we can grow without needing IMF loans and large bond syndications to fund dollar transactions.

Export growth is long-term, right now the key challenge is the next IMF loan, next year's bond syndications, balancing growth and inflation pressures. Also PKR and devaluation will be hard to control in the face of the boom in global energy prices. Dutch front month gas futures TZTX1 Comdty rose something like +70% just this week. Brent reached above 80 USD/bbl, expect more inflation and even more devaluation. A lot of it is simply out of the government's hands right now.
 

Flight of falcon

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We are on the right path. We must keep pushing for increase in exports and that’s our only way out.

But sadly with lack of infrastructure, factories and raw material , for us to increase exports we first must masssivly increase import of machinery and material.
this increase in import also gives us massive increase in government revenues via taxes and duties . Increased revenue surpassing targets are mostly the result of increased imports.

there is always a lag time between imported machinery and increased exports but at least we have started to build the base to increase and expand exports.
CA deficit May be $13 billion but if we can manage to increase our exports by something close to this number we will be in great shape.

I know that in Pakistan many export oriented industries are working at capacity.
this is possible because of improved power supply and uninterested supply of raw material. The problem is the cost of raw materials . However with record increase in cotton production one of our biggest export generator will get a huge boost.

in my opinion we really need to pay attention to IT industry . It is the easiest and fastest way to increase our exports. It does not require any special imported machinery and can be rapidly expanded if the government gives them incentives and help them grow.

Over all lots of work to do but a great start so far.
 

Jungibaaz

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We are on the right path. We must keep pushing for increase in exports and that’s our only way out.

But sadly with lack of infrastructure, factories and raw material , for us to increase exports we first must masssivly increase import of machinery and material.
this increase in import also gives us massive increase in government revenues via taxes and duties . Increased revenue surpassing targets are mostly the result of increased imports.

there is always a lag time between imported machinery and increased exports but at least we have started to build the base to increase and expand exports.
CA deficit May be $13 billion but if we can manage to increase our exports by something close to this number we will be in great shape.

I know that in Pakistan many export oriented industries are working at capacity.
this is possible because of improved power supply and uninterested supply of raw material. The problem is the cost of raw materials . However with record increase in cotton production one of our biggest export generator will get a huge boost.

in my opinion we really need to pay attention to IT industry . It is the easiest and fastest way to increase our exports. It does not require any special imported machinery and can be rapidly expanded if the government gives them incentives and help them grow.

Over all lots of work to do but a great start so far.
We are also massively underutilising agricultural capacity, using dated methods, yield is extremely poor and water intensive. A lot can be done to both reduce imports here and boost productivity with exports. I had a post somewhere just comparing the water usage, we are in a dismal state even compared to other developing nations.
 

Flight of falcon

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We are also massively underutilising agricultural capacity, using dated methods, yield is extremely poor and water intensive. A lot can be done to both reduce imports here and boost productivity with exports. I had a post somewhere just comparing the water usage, we are in a dismal state even compared to other developing nations.
Absolutely …. Our colonial era farming methods are the main cause of food insecurity. A lot is starting to be done . But like everything it will take time and patience to turn around in sha Allah.

 

Aesterix

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Yeah, but we expats still don't have the right to vote.
So our money is being stolen by corrupt politicians and we have no say about it.
 

Sainthood 101

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Yeah, but we expats still don't have the right to vote.
So our money is being stolen by corrupt politicians and we have no say about it.
A- You send your money to your family not GOP- so you'll continue to do so
B- dual citizens should never be allowed to vote (only gulf OP)
 

Aesterix

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A- You send your money to your family not GOP- so you'll continue to do so
B- dual citizens should never be allowed to vote (only gulf OP)
Yeah, and that adds to the country's Forex reserve , which pays for the imports of petrol you burn, so be thankful.
So many Billions are not just family support but also significant amount of investment in Pakistan.

My country of residence and second nationality UK, allows all commonwealth citizens living in the UK to vote, even if they are not UK citizens.
Because politicians and their party have nothing to hide. Unlike you guys in Pakistan, who know you and your politicians are corrupt and since you are getting direct benefit from your supported politicians corruption, so you will vote for him anyway. Its only us the expatriates who will not vote for the corrupt, hence your rubbish statement.
 

FuturePAF

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What constitutes the $85 Billion worth of imports? Is it equipment that will help Pakistani exports grow or just domestic consumption goods? Is there any plan to start and import-substitution program in Pakistan? Open up sectors that will allow overseas Pakistanis to invest in areas that can help lower the amount of imports, and close the CAD.
 

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