PM Khan gives struggling economy good news despite Covid-19

By: News Desk      Published: 10:08 AM, 12 Oct, 2020
PM Khan gives struggling economy good news despite Covid-19

Prime Minister Imran Khan Monday again gave good news for struggling Pakistan economy at a time when the coronavirus pandemic has shaken the economies all around the world.

In a tweet, PM Khan said remittances from overseas Pakistanis rose to 2.3 billion dollars in September this year, which was thirty-one percent higher than last September and nine percent higher than August this year.

He said this marks the fourth consecutive month that remittances have remained above two billion dollars.

According to the State Bank of Pakistan, the trend of strong workers' remittances continues in September. Workers’ remittances remained above $2 billion for the fourth consecutive month in September, the SBP said in a release.

They increased to $2.3 billion, 31.2 percent higher than the same month last year and 9 percent higher than in August. On a cumulative basis, remittances rose to a record $ 7.1 billion in Q1-FY21, 31.1 higher than the same period last year.

The level of remittances in September was slightly higher than SBP’s projections of $ 2 billion. Efforts under the Pakistan Remittances Initiative (PRI) and the gradual re-opening of major host destinations such as the Middle East, Europe and the United States contributed to the sustained increase in workers’ remittances.

The overseas Pakistanis sent $2,095 million in remittances in August 2020 which was 24.4 percent higher than August 2019.

In July 2020, Pakistan received record remittances of $2,768 million.