By Raza Ruman
Remittances hit 32-month low at $1.89b in January, 2023 shows the expatriates have no trust on this government of 13 parties led by Shehbaz Sharif.
The establishment needs to understand this.
The remittances dropped 11% to $16 billion during the first seven months of current fiscal year, what a shame.
Inflows trend suggests that the remittances may total $31 billion in the full fiscal year 2021-22.
Remittances to Pakistan fell to a 32-month low in January 2023, slipping below the $2 billion mark, according to the State Bank of Pakistan (SBP).
The remittances recorded at $1.89 billion, a decrease of 13% compared to the same month in the previous year and a drop of 10% compared to December 2022.
Express Tribune writes the low inflows have increased the country’s reliance on foreign debt, which has already mounted beyond affordability. In the first seven months of the current fiscal year (July-January 2023), remittances dropped 11% to $16 billion compared to $18 billion in the same period last year.
“The majority of remittances in January 2023 came from Saudi Arabia ($407.6 million), the United Arab Emirates ($269.2 million), the United Kingdom ($330.4 million), and the United States ($213.9 million.
The establishment needs to take stoke of this situation and hold elections to clear this mess of dollar shortage. The expatriates not ready to trust the Sharifs and Zardaris.
Let the fresh polls take place and a better people get a chance to run the country. PAK DESTINY