Foreign Pakistanis sent a record $29.4 billion to Pakistan during 2020-21. Through this money, Pakistan met its trade deficit.
Pakistani laborers settled in UAE (AFP-File Photo)
Pakistan is badly in debt trap and Prime Minister Imran Khan is facing difficulties in running the country. But Pakistanis living abroad are no less than a mentor to the Imran government. In fact, foreign Pakistanis sent a record $ 29.4 billion (about Rs 46,89,30,00,00,000) to Pakistan during 2020-21. Through this money, Pakistan met its trade deficit. Pakistan’s Central Bank says that $2.7 billion in money came in June, which saw an increase of 9 percent in the previous. For 13 consecutive months, more than 2 billion dollars are being sent to Pakistan from abroad every month.
The State Bank of Pakistan (SBP) said that the situation in the country’s external sector improved despite the challenging global economic conditions due to the increase in money coming from abroad. At the same time, the money coming before Eid has helped the government even more in June. SBP said that overall the record money coming from abroad during FY 2021 is the result of proactive policies of the government and SBP. They encouraged the use of formal channels, reduced cross-border travel due to Corona and better organized forex markets.
Most money came from Saudi Arabia and UAE
In Pakistan last financial year, maximum money came from Saudi Arabia. In 2019-20, $6.6 billion was transferred from Saudi Arabia to Pakistan, which increased to $7.6 billion this fiscal. Its share in the total foreign money was 26 percent. Money coming from abroad also shows that Pakistanis working in Saudi Arabia have not lost their jobs. At the same time, Pakistanis also sent money from the United Arab Emirates (UAE). In 2019-20, $ 5.6 billion reached Pakistan from here, which has increased to $ 6.1 billion in 2021. Most of the money is coming from Gulf countries.
economy is in bad shape
It is worth noting that the coronavirus pandemic has ruined the economy of Pakistan. The economy is already in condition due to the policies of Imran Khan. People are suffering from rising inflation and unemployment from above. On the other hand, the epidemic has worked to increase this trouble. A large number of Pakistanis are settled abroad. Most of the Pakistanis are settled in Gulf countries, who are continuously sending money to the country. This money is helping Imran Khan to run the government.
Also read: Blast in Pakistan: Bus full of Chinese engineers blew up in Pakistan, 10 killed, 40 injured