It is heard that the remittances which are usually sent by overseas to their country Pakistan, these remittances have now been dropped by 20 per cent and that too on the year on year basis. They have bee reduced to $1.33 billion in the month of July. These figures and facts have been stated by the State Bank of Pakistan (SBP). It is because of the fact that the low oil prices have also hit up the economies of these Gulf Cooperation Council (GCC) countries. As these oil prices are reduced and decreased now, this ahs resulted in the loss of thousands and large in a number of job losses.
Foreign Remittances in Pakistan- Why are they declining?
- On a month to month basis, we have seen that these remittances have seen a decline and this decline was at 37pc and that too on the month-on-month basis.
- As we all know that these oil-rich Arab countries contribute for about 65pc of these entire remittances. If these Foreign Remittances will keep on be getting low then there are chances that our country Pakistan will fail to reach and meet its foreign obligations and also reserves.
- Just a few days back, the government of Pakistan has also announced and revealed a special kind of aid for their 8,500 Pakistani workers. These Pakistani workers have been stuck in Saudi Arabia, they have lost their jobs. This aid might be able to help them out in these hard times of them. We have observed that the inflow of these remittances from Saudi Arabia has dropped and reduced by 20pc.
- We have also received these figures that the remittances from the sides of US and also the UK have also dropped and reduced by 6pc and too 8pc. As the oil prices have been getting low and the government of Pakistan has not done any thing substantial to tackle and handle the situation.
- The United Arab Emirates (UAE) remittance also fell by 20pc and inflows from these other GCC countries are dropped and reduced by 14pc.
We need to solve this problem as soon as possible before this problem becomes a monster for our country Pakistan.