Pakistan is expected to receive remittances worth a record $22 billion in financial year 2018-19 as the government has offered an incentive package to overseas workers to attract more money through official banking channels, experts said.
Analysts said remittances from more than 8 million overseas Pakistanis are likely to post double-digit growth over $19.62 billion received in 2017-18. The country received remittances worth $19.91 billion, an all-time high, in 2015-16.
Latest data from the State Bank of Pakistan (central bank) showed that remittances rose 13.14 per cent in the first quarter of fiscal year 2018-19 as overseas workers remitted a record $5.42 billion during July-September 2018 compared to $4.79 billion in the same period last year. The country is expected to receive $22.19 billion worth of remittances if the similar trend continues in the remaining three quarters, experts said.
Prime Minister Imran Khan in a recent tweet expressed his willingness to facilitate overseas Pakistanis to boost remittance inflows up to $40 billion in coming years.
“Insha Allah by removing hindrances, we will be able to increase remittance flows from $20 billion to at least $30 billion and perhaps even $40 billion through banking channels,” Khan’s tweet said.