World Bank reports positive development for Pakistan’s economy
LAHORE – As the global remittance flows tumble amid the coronavirus pandemic, remittance flow in South Asian countries increased and Pakistan is no exception, said a World Bank report.
According to the latest Migration and Development Brief published by the World Bank, the growth in the home remittances from Pakistanis working abroad last year was much faster than 5.2 percent inflows to the South Asian countries.
The remittances of the south asian county rose by about 17 percent, with the biggest growth coming from Saudi Arabia followed by the gulf and European countries.
A number of international financial institutions including the World Bank had predicted a plunge in remittance flows to Pakistan hinting at a parching of foreign exchange funds for the country. However, inflows have seen an unusual spike against all the predictions.
Experts suggest that FATF-related restrictions, limited international travel, and incentives offered by the central bank to overseas Pakistanis have driven growth in remittances in spite of the impacts of the Covid-19 crisis. Roshan Digital Accounts, which recently crossed the $1 billion mark, has also helped attract more overseas.