‘Annual remittances likely to shrink by over $1 billion’

ISLAMABAD: The Pakistani economy, which relies heavily on remittances, is in for trouble due to the coronavirus pandemic as a senior government official warns that if the virus continues to spread and impact the global economy, the inflows into the country are likely to drop by over $1-1.5 billion annually.

"Our foreign remittances have halved in the last two months and if the coronavirus (COVID-19) crisis persists any longer, they’re expected to decrease by from $1billion to $1.5 billion per year. Currently, our 10,000-11,000 households are estimated to be directly impacted by the situation,” Director General of the Bureau of Emigration and Overseas Employment Kashif Ahmed Noor told an ‘online consultation on migration and border management during COVID-19’ organised by the Sustainable Development Policy Institute here.

The DG said around 60,000 Pakistanis were in the process of going abroad for employment and the bureau was in contact with authorities in the UAE and other relevant countries about them.