The remittance–oil correlation

This refers to the article, ‘Remittances and oil’ (February 7) by Dr Farrukh Saleem. The writer has pointed out a very important issue that needs immediate attention of our economic planners. The writer says that oil prices have fallen from $105.87 to $28.63 a barrel, which means that the combined crude oil exports of Saudi Arabia and other Gulf countries are expected to fall from $500 billion to $150 billion. This will have a direct effect on Pakistani workers who will possibly be laid off and sent back to Pakistan. There is a definite correlation between the price of oil and foreign remittances. Due to the expected mass layoffs, the government should be prepared to receive hundreds of thousands of workers returning back home as also for foreign remittances taking a nose dive.

The government should start planning to receive these laid-off workers. These workers should be absorbed in profitable projects. Job opportunities should be created for those who have been working in the manufacturing and services sectors. All facilities should be provided to these workers to start their own businesses which should include the one-window operation.

Air Cdre (r) Azfar A Khan

Rawalpindi