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Pakistanis from Saudi Arabia send more money than we borrowed from IMF

Saudi Arab-based Pakistanis provide major relief to the economy of Pakistan by sending a record $7b remittances that help the country turn the current account deficit into a surplus.

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Pakistanis expatriates from Saudi Arabia sent more money to Pakistan in the form of remittances in 11 months than Pakistan borrowed from the International Monetary Fund (IMF). Pakistanis based in Saudi Arabia sent 7 billion US dollars in 11 months (July to May).

Pakistan borrowed $6 billion from IMF for a period of 3 years.

Pakistan received a total of $26.7 billion in remittances from overseas Pakistanis.

According to the State Bank of Pakistan (SBP), remittances grew 30 percent month over month.

Pakistan received $5.6 billion from the United Arab Emirates, $3.7 billion dollars from the United Kingdom while $2.5 from the United States.

Read more: Mohmand Dam to get SAR 901 million funding from Saudi Arabia

Meanwhile, worker remittances observed unprecedented growth and reached $26 billion, which was showing the confidence of overseas Pakistani in the leadership of Prime Minister Imran Khan, Finance Minister Shaukat Tarin remarked during a press conference Thursday.

Finance Minister Shaukat Tarin said that the increasing trend in foreign remittances had also helped to overcome the negative impacts of the current account deficit, which was swelled mainly due to an increase in the imports of food commodities including wheat, sugar, edible oil, and others.

Shaukat Tarin said that foreign exchange reserves with the State Bank of Pakistan increased, while $1 billion was deposited through Roshan Digita Account.

Pakistan Economic Survey 2020-2021 launched:

The Federal Minister for Finance and Revenue Shaukat Tarin Thursday formally launched the pre-budget document, ‘Pakistan Economic Survey 2020-21’.

The pre-budget document shared the key economic indicators and the performance of different sectors of the economy during the fiscal year 2020-21.

The survey highlighted the main features of the policies undertaken by the present government that focused on bringing macro-economic stability and putting the economy on a growth trajectory.

The survey comprehensively covered the economic situation of the country amid the Covid-19 situation besides giving a detailed picture of growth and investment, agriculture, manufacturing, mining, fiscal development, money and credit, capital markets, inflation, debt and liabilities.

Read more: Will Saudi Arabia approve Chinese coronavirus vaccines?

It also highlighted the performance of agriculture, education, health and nutrition, besides showing the overall population, labor force and employment, poverty, transport and communication and per capita income.

 

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