ISLAMABAD, December 14 (online): Former President ICCI Shahid Rasheed Butt on Monday said the World Bank has forecasted a 20 percent drop in remittances due to coronavirus and lockdowns but overseas Pakistanis have increased remittances by 27 percent beating the estimate.
Overseas Pakistanis can change the fate of the country, strengthening currency, reducing budget deficit and reducing unemployment if security of their hard-earned money is ensured, he said.
Shahid Rasheed Butt said that the Pakistanis have proved the estimate of the World Bank wrong as they have increased remittances by 27 percent from July to November and the trend will continue during the rest of the current fiscal year.
Emigrants are sending more money to their families due to inflation and unemployment in Pakistan, shrinking informal channels and the construction package which has triggered some economic activity.
Our exports have stagnated and imports are consistently moving up while remittances have filled the gap for which overseas Pakistanis deserve a tap on the back.
The business leader said that remittances could be encouraged through controlling builders and developers mafia, tackling land grabbing which has become a lucrative business across Pakistan and establishing courts that can provide speedy justice in property related disputes.
If encouraged, expatriates can send additional billions of dollars to give an unprecedented boost to the construction sector which will generate billion in revenue for the government and reduce unemployment, he said.