Pak­istan among top 10 re­cip­i­ents of re­mit­tances

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AWorld Bank re­port has placed Pak­istan among top 10 re­cip­i­ents of re­mit­tances among de­vel­op­ing coun­tries, fetch­ing $12 bil­lion in 2011.

In­dia leads with $58 bil­lion fol­lowed by China at $57 bil­lion, Mex­ico $24 bil­lion and the Philip­pines $23 bil­lion. Bangladesh fol­lows Pak­istan with $12 bil­lion, Nige­ria $11 bil­lion, Viet­nam $9 bil­lion and Egypt and Le­banon $8 bil­lion each.

The ‘Out­look for Re­mit­tance Flow 2012-2014’ shows that the of­fi­cially recorded re­mit­tance flows to de­vel­op­ing coun­tries are es­ti­mated to have reached $351 bil­lion in 2011, up 8 per­cent over 2010. World­wide re­mit­tance flows, in­clud­ing those to high-in­come coun­tries, reached $406 bil­lion in 2011 and are ex­pected to rise to $515 bil­lion by 2014.

Ac­cord­ing to the WB re­port, high oil prices con­tinue to pro­vide a much-needed cush­ion for mi­grant em­ploy­ment and re­mit­tance flows from the Gulf Co­op­er­a­tion Coun­tries (GCC) and Rus­sia. Oil driven eco­nomic ac­tiv­i­ties and in­creased spend­ing on in­fra­struc­ture de­vel­op­ment are mak­ing these coun­tries at­trac­tive for mi­grants from de­vel­op­ing coun­tries.

Re­mit­tances from the GCC coun­tries to Bangladesh and Pak­istan, where the GCC coun­tries ac­count for 60 per­cent or more of over­all re­mit­tance in­flows, grew by 8 per­cent and 31 per­cent re­spec­tively in the first three quar­ters of 2011 on a year-on-year ba­sis.

The Pak­istan Re­mit­tance Ini­tia­tive (PRI), a joint ini­tia­tive of the cen­tral bank and Pak­istan’s govern­ment, are ac­tively work­ing with com­mer­cial banks and money trans­fer op­er­a­tors to lower the cost of in­ward re­mit­tances and im­prove the pay­ments sys­tems and de­liv­ery chan­nels in or­der to bring a larger share of re­mit­tances into for­mal chan­nels

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