Prime Minister Imran Khan revealed Monday that remittances to Pakistan reached $2768 million in July 2020, the amount never recorded in a month in Pakistan’s history.
Speaking to Twitter, the Prime Minister shared the “good news” for Pakistan’s economy and said the build-up in July was 12.2% higher than in June 2020 and 36.5% higher than in July 2019.
“More smart news for Pakistan’s economy. Remittances from Pakistanis abroad reached $2768 million in July 2020, the highest amount in a month in Pakistan’s history. This is an increase of 12.2% through June 2020 and 36.5% through July 2019,” the Prime Minister wrote on the microblogging site.
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The country-to-country remittance allowance showed that the amount ($821.55 million) in July came here from Saudi Arabia, followed by $538.19 million from the United Arab Emirates (UAE). As of June 2020, remittances from Saudi Arabia and the United Arab Emirates were $619.43 million and $431.68, respectively.
According to statistics from the State Bank of Pakistan (SBP), Pakistanis abroad transferred $443.13 million from Dubai, US$393.91 million, $250.6 million, $88.29 million from Abu Dhabi and $4.69 million from Sharjah in July.
Remittances from other Gulf countries were recorded at $296.95 million, adding Bahrain $42.62 million, Kuwait$69.83 million, Qatar $82.49 million and Oman$102 million. However, the knowledge of SBP. U.S. remittances fell to $250.6 million in July from $451 million in June.
Remittances earned from European countries last month $227.57 million. They included Germany $35.34 million, France $32.99 million, Holland $4.5 million, Spain $38.9 million, Italy $49.46 million, Greece $20.01 million, Sweden $4.85 million, Denmark$6 million, Ireland $12.25 million and Belgium$23.27 million.
Pakistan earned $22.25 million from Malaysia, $10.91 million from Norway, $2.83 million from Switzerland, $52.11 million from Australia, $43.13 million from Canada and $9.31 million from Japan. SBP reported that they had earned $98.82 million from countries, for a total of $2,768.13 million by July 2020. As of June 2020, the total remittances earned from those countries were $2,466.28 million.
Despite the coronavirus pandemic along with global closures, Prime Minister Hafeez Sheikh’s financial adviser summed up the government’s economic functionality to the federal cupboard on August 12, saying the number one budget and deficit were lower than expected, while the central bank’s reserves had been. the existing account deficit fell from $20 billion to $3 billion in two years.
In reviewing the Pakistani government’s two-year economic functionality targeted through Tehreek-e-Insaf (ITP), the monetary adviser said the post-Covid-19 budget deficit was expected at 9.1%, but was recorded at 8.1%. and the number one deficit expected at 3.1% recorded at 1.8%.
The smaller the number one deficit, the better. Sheikh also said SBP reserves increased from $8.5 billion to $12.5 billion. Prime Minister Imran then congratulated the country on a tweet, saying there had been a recovery in the economy after a two-year struggle.
Imran said existing budget and account deficits were reduced; The structure industry and the resulting task creation are booming thanks to special government incentives. He added that the market for inventories, exports and revenues, cement and car sales had higher despite the pandemic.
However, it was reported that the maximum of Covid-19’s aid budget was not used and that this also explained the small budget deficit of 8.1% of GDP or 3.4 trillion rupees in the last fiscal year compared to previous estimates. 9.4% of GDP.
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