Highest-ever $2,768 million remittances received in July: PM

The Financial Daily

 ISLAMABAD: Prime Minister Imran Khan has said remittances from overseas Pakistanis reached $2,768 million in July this year, which is the highest ever amount in one month in the history of Pakistan.

Sharing a good news about Pakistan’s economy in a tweet on Monday, he said this is 12.2 percent increase over the month of June this year and 36.5 percent increase over July last year.

“More good news for Pak economy. Remittances from overseas Pakistanis reached $2,768 mn in July 2020, highest ever amount in one month in the history of Pakistan. This is 12.2% increase over June 2020 and 36.5% increase over July 2019,” he tweeted.

Last week, PM Imran had appreciated overseas Pakistani workers for sending more remittances through banking channels.

“Remittances for the past fiscal year came in much higher at 9.7 percent annual growth and totaled $21.8 billion for the year,” the Prime Minister said in a tweet.

The Prime Minister had thanked overseas workers for the remittances, which he said were much higher than the previous year when they grew only 2.9%.

According to the State Bank of Pakistan, overseas Pakistanis remitted $21,841.50 million during fiscal year 2018-19, showing a growth of 9.68 percent compared with $19,913.55 million during the same period in the previous year.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during June 2019 had amounted to $198.81mn together as against $199.47mn received in June 2018.

Meanwhile, Prime Minister Imran Khan has said that provision of every possible facility to overseas Pakistanis regarding remittances is top priority of the government.

Chairing a meeting about increase in remittances and foreign exchange reserves here on Monday, the Prime Minister expressed satisfaction over significant increase in remittances sent by overseas Pakistanis during last month.

The Prime Minister said overseas Pakistanis are an important asset of the country and the nation. He directed the Ministry of Finance, FBR, and the Governor State Bank of Pakistan to recommend more measures to increase the remittances and foreign exchange reserves of the country and encourage the Pakistanis abroad and within the country to take active part in stability of the country’s economy.

Meanwhile, Prime Minister Imran Khan has said that the power sector is affecting the economic growth of the country and immediate overhauling and reform process is essential to lessen existing burden on the consumers.

Chairing a meeting on power sector reforms here on Monday, the Prime Minister directed early implementation of the restructuring roadmap already approved.

The Prime Minister also advised the minister for power to apprise the public of the major milestone achieved in negotiations with IPPs and its potential benefits for the consumers including domestic and commercial consumers.

Imran Khan appreciated the progress in mutually agreed changes to the IPP contracts stating that rationalization of cost will help in reducing circular debt.

Issues related to the power sector, the proposed roadmap of reforming and restructuring of the sector and other related issues including the issue of circular debt and negotiations with IPPs came under discussion.

Minister for Planning, Development and Special Initiatives Asad Umar, Special Assistant to PM on Power Division Shahzad Qasim, Special Assistant to Prime Minister (SAPM) on Petroleum, Nadeem Babar and others were present in the meeting.

Meanwhile, Prime Minister Imran Khan has said that the Main Line-1 (ML-1) project will not only modernise and strengthen Pakistan Railways but will also create thousands of jobs for skilled people and give a boost to industrialisation in the country.

Chairing a meeting about ML-1 here on Monday, the Prime Minister said that it is the key project of China-Pakistan Economic Corridor (CPEC).

The Prime Minister said the ML-1 project will provide better travel and freight facilities to the people of the country and will open up a new chapter of socioeconomic development. He said that ML-1 will significantly reduce cost of doing business, which will facilitate the business community.

He said welfare of the people and development of the country is his government’s top priority, while setting up priorities for development projects. He said the project will also foster industrial growth, facilitate businesses and bring in social and economic development.

The Prime Minister was briefed about the progress made so far on the ML-1, timeline set for its completion and benefits the project will yield. Minister for Railways Sheikh Rashid Ahmad, Minister for Planning Asad Umar, Adviser on Finance Abdul Hafeez Sheikh and Chairman CPEC Authority Lt General (retd) Asim Saleem Bajwa attended the meeting.

On August 5, the Executive Committee of the National Economic Council (ECNEC) had approved the project of Pakistan Railways for upgradation of existing Mainline-1 (ML-1) and establishment of dry port near Havelian.

The project was approved at the rationalised cost of US$ 6,806.783 million, on a cost sharing basis between the governments of China and Pakistan.