KARACHI- President, United Business Group (UBG)and former President of FPCCI, Zubair Tufail, while paying tribute to Pakistanis abroad for sending valuable foreign exchange to Pakistan’s treasury, said that it was general perception that owing difficult economic situation of Pakistan and especially the global economic slowdown and Code 19 remittances from overseas may decline, but over the last 10 months, remittances from abroad increased and crossed 24.2 Billions of dollars.
He said that it was a record increase and also helped Pakistan in a big to stabiles economy. Overseas Pakistanies are truly Pakistan’s Mohsin who is sending dollars to Pakistan in the most difficult circumstances, he added.
Zubair Tufail said a large part of the remittances during the July to March period in FY21 came mainly from Saudi Arabia, standing at $5.7 billion; the United Arab Emirates, at $4.5 billion; with $2.9 billion from Britain and $1.9 billion from the United States.
Zubair Tufail greets overseas Pakistanis and said that they have played a vital role in strengthening Pakistan’s economic situation by sending more remittances to Pakistan than Pakistan’s total exports.
He said that the government should provide facilities to Overseas Pakistanis at the airport and establish special counters for them so that when they arrive, they should not stand in long queues, they should be treated like VIPs because they send most needed foreign exchange to Pakistan.
Zubair Tufail also said that Pakistanis returning from abroad after losing their jobs due to problems created by Code 19 are bringing back their savings, sending money back home to provide financial support to families.
He said effective crackdowns against illegal foreign exchange transactions have boosted official arrivals and attracted remittances through official channel.
The central bank’s scheme Roshan digital accounts also plays an important role in this and all the factors have undoubtedly played an important role in increasing remittances.
