Remittances from United Arab Emirates may rise 50 per cent this year
Islamabad: Remittances from the UAE have been increasing to a record level and are expected to rise 50 per cent from $2.2 billion to $3.8 billion this year. This was stated by Ambassador of Pakistan in UAE Mr. Jamil Ahmed Khan while addressing a certificate distribution ceremony to “Highest Foreign Exchange Remitters to Pakistan” held at Embassy of Pakistan in Abu Dhabi, says a press release received here today from Dubai.
The Ambassador said that Pakistan is likely to receive record over $10 billion remittances in the current fiscal year ending in June 2011. According to the State Bank of Pakistan, overseas Pakistanis remitted over $1 billion for a consecutive three months in March, April and May, thus raising the foreign exchange reserves of Pakistan to a record 17.518 billion.
The Ambassador while appreciating the role of Overseas Pakistanis in UAE for supporting their motherland through their remittances and promoting a good and positive image of Pakistan urged the overseas Pakistani community to work with a spirit of nationalism. He said that more than 1.2 million Pakistani are living in UAE and if 70% Blue Collar workers would send US$1000 per annum it would contribute $840 million. If 20% White collar/salaries/professionals would send $5000 per annum it could contribute $1.2 billion and the rest of 10% traders/businessman etc send $15000 per annum it would contribute around $1.8 billion. He said that if we sum up the whole contribution it would around $3.8 billion per annum. He said that during the last week, community members remitted Rs354 million (over Dh15 million) from here and it is a record.
He said that the Government and Pakistani missions here are encouraging people to remit through banks and those honoured for the highest remittances will be facilitated with the best services both at the Embassy here and the Consulate General in Dubai. He said that they will be able to get direct services upon arrival without standing in queues, including national identity card renewal. He said that embassy in UAE was sending a proposal to Islamabad to decorate those with the highest remittances of at least $2 million with the highest national awards. He said that these measures will encourage more people to send money through legal channels which will support Pakistan’s economy.
He said that the Overseas Pakistanis are like the ambassadors of the country and have made significant contribution towards dispelling the misperception about Pakistan. He said that Overseas Pakistanis are the backbone of the economy and are significantly contributing their share in economic growth of the country. The Ambassador said that the appreciation programme will be a continuous effort and similar functions will be organised to recognise all deserving expatriates. Later, the Ambassador distributed 118 certificates among community members.
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