Pakistan among top 10 recipients of remittances
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