In the first ten months of the current fiscal year (ending on 30 June 2006), Pakistani economy received 5.16% of more money as remittance from Pakistanis living around the world. In the same time last fiscal year, Pakistan received $3,451.51 million as remittance while this time the figure is $3.629. Thus, there is an increase of $178.17 million. This is good news for the country's economy. Rising oil price in the international market has put a lot of pressure on the country's economy and Pakistan is suffering huge trade deficit in this fiscal year. So, any increase in the flow of remittance will surely be welcomes by Pakistani government.
To give you statistics about the remittance flow I am quoting from the website of Daily Times:
"The SBP said the inflow of remittances during the first ten months of the current fiscal year from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $994.78 million, $584.64 million, $555.84 million, $477.30 million, $346.40 million and $97.06 million respectively as compared to $1,076.22 million, $506.22 million, $580.87 million, $425.95 million, $309.99 million and $83.25 million during the corresponding period of the last fiscal year.
It said remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries during July 2005 – April, 2006 amounted to $562.85 million as compared to $457.27 million in the corresponding period of the last fiscal year."
I am happy that remittance flow has increased for Pakistan and I am sure that it will increase in the next few months too. Pakistan government has taken an initiative to create 200,000 jobs in IT sector in the next 3 years. So, I guess that in near future Pakistan will be able to export skilled IT professionals and get more remittance.
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