Remittances remain steady despite COVID-19 crisis

[Shahzaz ud din]

Remittances remain steady despite COVID-19 crisis
By
Meiryum Ali
-
May 11, 2020
0
127

KARACHI: Overseas Pakistani workers remitted $1,790.0 million in April 2020, a fall of $104.4 million or 5.5pc, when compared with $1,894.4 million worth of remittances received in March 2020, according to data released by the State Bank of Pakistan on Monday.

However, on a year-on-year basis, the remittances received in April 2020 rose 1.1 pc or $19.8 million when compared with $1,770.2 million received in April 2019.

Workers’ remittances received during the first ten months of the current fiscal year stood at $18,781.6million, an increase of 5.5pc or $980.6 million when compared with the $17,801.0 million received during the same period of last year.

When comparing remittances received during April 2020 and that received in March 2020, major countries witnessed a decrease, except for the USA.

Remittances received from Saudi Arabia, UAE, and the UK stood at $451.4 million, $358.8 million, and $226.6 million, respectively. This is a decrease of 0.2pc, 15.8pc, and 8.8pc, respectively, when compared to March 2020.

However, remittances from the USA stood at $401.9 million, a rise of 14pc when compared to March 2020.

 

[Yaseen1]

in middle east particularly saudia and uae things are not good like in past as oil and tourism is badly affectd by pandemic so effects will become evident in coming few months as there is a high risk hat many people will lose jobs,at present these countries are utilizing their reserves which will dry up in coming months if pandemic is not ended

 

[FuturePAF]

in middle east particularly saudia and uae things are not good like in past as oil and tourism is badly affectd by pandemic so effects will become evident in coming few months as there is a high risk hat many people will lose jobs,at present these countries are utilizing their reserves which will dry up in coming months if pandemic is not ended

All the more reason Saudi Arabia should drop the NEOM Project and think smaller and more distributed. 500 investments of a $1 Billion each in the best university cities of the developing world will more than likely lead to more ROI, now more than ever, because these smaller nations need FDI. The research labs they invest in can develop products that can be sold in that country without tariff, and employ so many more people. The political connections will give the Saudis long term leverage, similar to what China is building up and the US currently enjoys.

Saudi Arabia and The UAE could make a handsome profit on the housing for their labor in the home countries of these workers.

Long term, the Gulf Arabs would be building up their future customers for their oil.

P.S. Thank Allah remittances are for the most part stable during these hard times. But as You said, Yaseen1; this is only short term. This should be what light a fire under the political class’s ... to find a long term solution for remittances. I.e. planning for more immigrants to get into countries looking to take them such as Canada. Currently at 35 million looking to grow to 100 million.