Half of Pakistan’s remittances come from KSA, UAE

ISLAMABAD: The lion’s share of the foreign remittances, which are the backbone of the country’s economy, came from Kingdom of Saudi Arabia (KSA) and United Arab Emirates (UAE).
During the current fiscal year, Pakistan received a whopping $6.99 billion from Pakistanis working in KSA and UAE which is more than the remittances sent by Pakistanis from rest of the world. Pakistani expatriates living in KSA, UAE, United States and United Kingdom mainly contribute in the country’s much needed foreign remittances.
Only in last month, Pakistan received 489.7 million US dollars remittances from KSA while 411.24 million Us dollars from the UAE, official State Bank of Pakistan’s figures reveal. Pakistan received $199.24 from USA and $164.28 from overseas workers in UK. During March 2015, Pakistani workers remitted $1.576 billion to their country.
Pakistani migrant workers sent home $13.327 billion in the first nine months (July to March) of the current fiscal year, of which 4.045 billion dollars has been sent by Pakistanis in KSA, $2.948 billion from UAE, $1.87 billion sent from USA and $1.48 billion sent by Pakistanis working in UK. From July 2014 onwards, immigrants settled abroad have sent $1.6 billion (KSA $454.47 billion, UAE 352.89 billion); by August 14, $1.328 billion (KSA $396.9 billion, UAE 284.90 billion); $ 1.716 billion by September 14 (KSA $495.63 billion, UAE 394.10 billion); $1.383 billion by October 14 (KSA $374.65 billion, UAE 318.59 billion); $1.320 by November 14 (KSA $429.09 billion, UAE 271.17 billion); $1.583 billion by December 14 (KSA $ 499.08 billion, UAE 352.37 billion); $ 1.377 billion by January 15 (KSA $452.81 billion, UAE 246.79 billion); $1.391 billion by February 15 (KSA $453.4 billion, UAE 316.51 billion) and $ 1.576 billion in March 15 (KSA $489.7 billion, UAE 411.24 billion).
Remittance remains a key source of external resource flows for Pakistan, far exceeding foreign investments flows. They are an important source of foreign exchange, surpassing earnings from major exports and covering substantial portion of country’s imports. During the fiscal year 2014, Pakistanis in KSA remitted $ 4.729 billion while those living in UAE sent $ 3.109 billion back home. Pakistan also received $2.46 billion and $ 2.18 billion respectively from Pakistanis in US and UK.