FPCCI asks govt to boost remittances

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday said the country was paying half of the import bill through remittances therefore this sector should be given extra attention.

Overseas remittances play a very important role in boosting forex reserves and balancing trade deficit, which is why it was necessary to take steps to ensure a continued inflow, FPCCI president Abdul Rauf Alam said.

Remittances have gone down in the first five months of this fiscal which should be noticed and steps should be taken to stem the fall, he said, and added that the government should ensure growth in remittances through various initiatives, including finding new markets.

He said that Pakistan received 65 percent of the money from Middle East while the rest of the money came from US, UK and other countries.