PTI vs PML-N: Overseas Pakistanis Remittances fall by 13.7% in PDM government

Economic PerformancePTI vs PML-N: Overseas Pakistanis Remittances fall by 13.7% in PDM government

By Mati Ullah Khan

The remittances sent by Overseas Pakistanis have always been a key source of balance of payment support in the Country.

   

In Pakistan, when the financial situation remains aggravated due to insufficient Foreign Exchange Reserves together with increased import bills and deteriorating trade balance, remittances provide a significant support to sustain the Current Account Deficit (CAD).PTI vs PML-N: Overseas Pakistanis Remittances fall by 13.7% in PDM government

When Pakistan Tehreek-e-Insaf (PTI) took over in August 2018, the Country had been witnessing its worst ever balance of payment crises as their predecessor Pakistan Muslim League-Nawaz (PML-N) had left a Trade Deficit of US$ 37.5 billion, Current Account Deficit of US$ 19.1 billion, US$ 55.7 billion imports, US$ 24.8 billion exports, stagnant remittance of US$ 19.9 billion, and merely US$ 9.7 billion reserves held by the State Bank of Pakistan.

Workers’ remittances in PML-N tenure (2013-18)

Fiscal Year
Workers’ remittances
Increase + / Decrease –
2012-13US$ 13.9 billion+ 30.1%
2017-18US$ 19.9 billion

In the PTI tenure from 2018 to 2022, both the remittances and exports registered a significant growth. The workers’ remittances – which remained stagnant in last three years of PML-N – also picked up and reached US$ 31.3 billion in the Fiscal Year 2021-22.

Also Read: Economic Performance of PPP, PML-N & PTI since 2008

Workers’ remittances in PTI tenure (2018-22)

Fiscal Year
Workers’ remittances
Increase + / Decrease –
2017-18US$ 19.9 billion+ 57.2%
2021-22US$ 31.3 billion

When the power went into the hands of multi-party PDM alliance led by PML-N, remittances again slipped from US$ 31.3 to US$ 27.0 billion in FY 2022-23, registering a decrease of US$ 4.3 billion – 13.73%.

Workers’ remittances in PDM tenure (2022-23)

Fiscal Year
Workers’ remittances
Increase + / Decrease –
2021-22US$ 31.3 billion– 13.73%
2022-23US$ 27.0 billion

In July 2023, – the first month of next FY 2023-24 – under the PDM government, the workers’ remittances recorded an inflow of US$ 2 billion, a decrease of 19% as they had stood at US$ 2.5 billion during the same month last year.

Also Read: Dollar Rate in Pakistan increased by Rs 104.54 in 16-month PDM government

Month-wise workers’ remittances in PTI & PDM tenures

Month
PTI tenure
PDM tenure
FY 2021-22
FY 2022-23
JulyUS$ 2,736.1 millionUS$ 2,510.9 million
AugustUS$ 2,682.6 millionUS$ 2,744.3 million
SeptemberUS$ 2,779.9 millionUS$ 2,431.3 million
OctoberUS$ 2,628.6 millionUS$ 2,215.7 million
NovemberUS$ 2,459.7 millionUS$ 2,108.3 million
DecemberUS$ 2,520.4 millionUS$ 2,102.0 million
JanuaryUS$ 2,180.4 millionUS$ 1,900.1 million
FebruaryUS$ 2,196.2 millionUS$ 1,990.3 million
MarchUS$ 2,834.8 millionUS$ 2,536.7 million
AprilUS$ 3,124.4 millionUS$ 2,198.3 million
MayUS$ 2,346.2 millionUS$ 2,102.6 million
JuneUS$ 2,789.6 millionUS$ 2,187.1 million
July-June
US$ 31,278.8 million
US$ 27,027.6 million

Source: https://www.sbp.org.pk/ecodata/Homeremit.pdf

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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