PTI government targets $24 billion foreign remittances for FY 20
ISLAMABAD: The growth in foreign remittances, which soared to $11.4 billion during the July-December period of FY20, is likely to continue for the rest of the year due to a host government measures that may help achieve the target of $24 billion set for the financial year 2020.
“Due to this increasing trend in remittances, the target of $24 billion at the end of FY20 is likely to be achieved as the data of last five years suggests that the workers remitted more in the last six months as compared to the first six months of the fiscal year,” said a statement issued by the Ministry of Finance on Monday.
According to the ministry, seasonal effect was also a leading factor in boosting remittances and it was expected that with the start of Ramadan and the following Eid, the flow of remittances would increase as the workers generally sent more money during the holy events and activities.
Giving a break-up of the remittances received during the Jul-Dec 2019, the statement said that the remittances reached $11.394 billion in 6MFY20 as compared to $11.030 billion in the corresponding period last year, showing a growth of 3.3pc.
Overseas Pakistani workers remitted $2.097 billion in December 2019 as compared to $1.819 billion in the same month last year.