Remittances by overseas Pakistanis continued to surge, rising to an all-time high of $2.8 billion in April, 56 per cent higher than a year ago, the State Bank of Pakistan (SBP) said on Tuesday.
Cumulatively, during the July-April FY21 workers’ remittances rose to an unprecedented level of $24.2bn, up by 29pc, compared to the same period last year.
These have also surpassed the full FY20 level by over $1bn, creating a new record, the central bank said.
Workers’ remittances continue to surge, rising to an all-time high of $2.8bn in Apr21, 56% higher than a year ago. At $24.2bn during Jul-Apr FY21, up 29% from last year, these have also surpassed the full FY20 level by over $1bn, creating a new record. See https://t.co/7XBd4uNES4 pic.twitter.com/OIqQwlR88q
— SBP (@StateBank_Pak) May 18, 2021
Inflows during the July to April period were mainly sourced from Saudi Arabia ($6.40bn), United Arab Emirates ($5.08bn), United Kingdom ($3.33bn), and the United States ($2.22bn).
Taking to Twitter to speak about the development, Prime Minister (PM) Imran Khan said that he “always believed overseas Pakistanis to be the country’s biggest asset”.
“Remitting $24.2bn in first 10 months of FY21, you have broken the record level achieved in the entire FY20. Thank you for your faith in Naya Pakistan,” he said.
I have always believed Overseas Pakistanis to be our greatest asset. In April, your remittances rose to an all-time high of $2.8bn. Remitting $24.2bn in first 10 mths of FY21, you have broken the record level achieved in entire FY20. Thank you for your faith in Naya Pakistan.
— Imran Khan (@ImranKhanPTI) May 18, 2021
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If you rely on remittances, it means your economy is lousy. Loans do not help the economy grow. Loans are deflationary. Unless you have a good reason to take them, you shouldn’t. Think about the logic. All a loan does is give access to other markets, and it ties you to the person giving you the loan. If you use the loan to make more low-value items, you are underutilizing your people, and you are squandering the value of the loan. The value of a loan, if there is one, is access to the technology you cannot produce yourself. Instead of taking a loan, ask the person making the offer to open up a business in your country for the loan amount instead. In this way, your economy produces something useful. Production is about scale. If you make train parts, it’s easier for the government to scale up production from the raw resources. That’s because the knowledge and skills are already in the country to do so, so it’s cheaper.