Overseas Pakistanis Home Remittances Declining

Engineering Post Report

More than 12 million Pakistanis have proceeded abroad for employment  to over 50 countries around the globe and their number is gradually increasing with the passage of  time. According to the official sources concerned, the migration of Pakistani workers was mostly concentrated to Gulf Cooperation Council countries, to the extent of almost 96 per cent, with Saudi Arabia and United Arab Emirates (UAE)  hosting the majority of them.

 They are playing important roles . They are not only  contributing to the development of the national economy  by sending  remittances back home  to their families which was the second  largest source of foreign exchange earning for the country after  exports Simultaneously, they were also contributing to socio-economic development of the countries where they were living  and. promoting Pakistani  values and traditions and strictly upholding the local values, traditions as well as laws and regulations strictly.

However,  due  to some  both known and unknown factors, Overseas Pakistanis home remittances were showing declining which was a source of concern not only for the official quarters concerned but also for the market  exerts at large. Normally, the Overseas Pakistanis over the years have been sending larger than usual remittances during the holy month of fasting,to enabling their families for  extra charitable activities besides doing shopping for Eidul Fitr festivities.

According to the latest information, home remittances by the Overseas Pakistanis had fallen  by as much 29.2 per cent in April 2023 as compared to April 2022 and  13 per cent during the first ten months of the outgoing financial year July 2022 to April 2023.

Pakistan received $ 2.21 billion  during April 2023 from Overseas Pakistanis through official channels as compared to $ 3.12 billion during the same month last year showing a somewhat decline of 29.2 percent while it had dipped by 12.8 percent  when compared with March 2023 home remittances figures of $ $ 2.53 percent.  

Pakistan received  the highest  amount of $ 5.4 billion  from Overseas Pakistanis in Saudi Arabia during July- April 2022-23 against $  6.5 billion in the same period the last year indicating a decline of $ 1.1 billion or 17.3 percent.

The second highest amount of $ 3.987 billion was received from Pakistani workers  in the UAE which had also dipped by 18 percent.

Inflows from Overseas Pakistanis in Gulf Cooperation Council  countries had fallen by 12 pc to  $ 2.666 billion  compared to last year’s figures of $ 3.029 billion.

Inflows from the United Kingdom (UK) had fallen by 7.2 per cent to $ 3.41 billion and that of from the European Union  by 7.7pc to $ 2.59 billion during the first ten months of financial year 2022-23.

However,  the only meagre increase of 0.2pc in the home remittances was noticed those coming from the United States  which stood at $ 2.5 billion  during the first ten months period under report.

The declining trend in the home remittances by Overseas Pakistanis quite obviously calls for an investigation and inquiry at the appropriate official level to identify factors responsible . This  was rather  disturbing to note that while the number of Overseas Pakitanis was  gradually increasing, for which official figures were not immediately available , why their home remittances were showing declining trends during every passing month.