ISLAMABAD (Dec 10, 2018) — Overseas Pakistanis remitted US$ 9.03 billion in the first five months (July to November) of FY19, showing a growth of almost 13% compared with US$ 8.02 billion received during the same period in the preceding year. That’s a $1 billion jump in absolute terms. And if the trend continues until June 2019, the total remittance could exceed $21 billion as compared to $19.3 billion during last fiscal year ending June 2018.
The uptick in remittance comes despite the number of workers going abroad for gainful employment registering a drop—41% (0.83 million in 2016 to 0.5 million in 2017).
Pakistan’s remittances as a percentage of its GDP was 6.9% in 2018, ranked at 3rd behind Nepal at 30.1% and two positions above India at 2.8%.
The newly-formed government also seeks remittances of a social nature, such as ideas, social capital and knowledge that Pakistani migrants have acquired during their residence abroad, and that can be transferred to communities back home.
Last month, it launched an initiative called ‘Brain Gain’ by operationalizing a web portal to attract overseas Pakistani professionals and distinguished individuals willing to provide advisory and related services to the country.