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Pakistan Becomes Fifth Largest Remittances Recipient Country.......

Illustration of remittances receivedâFile Photo

ISLAMABAD: Pakistan has become the fifth largest remittances recipient developing country in 2011, witnessing a robust growth of twenty five.8 per cent throughout the last year in 2011 compared to the ten.1 per cent growth in South Asia remittances.

The upward trend in remittances, throughout the amount underneath review, was derived from a each year average growth from UAE of thirty two.2 per cent followed by uk thirty.1 per cent, Saudi Arabia twenty seven.3 per cent, European Union countries twenty five.3 per cent, different GCC countries fifteen.1 per cent and us of America nine.5 per cent from 2007-08 to 2010-11, states a document issued in Economic Survey of Pakistan.

During July-April 2011-12, employees remittances grew by twenty.2 per cent and stood at $1.83 billion ten.9 billion. The cumulative increase of $1.83 billion throughout July-April 2011-12 over the July-April 2010-11 is basically attributed to the govt efforts to divert remittances type the informal to the formal channel.

Since the launch of the Pakistan Remittances Initiative (PRI), the share of employees remittances coming back through the banking channel has increased significantly from seventy five per cent in 2009-10 to ninety one per cent in 2011-12.

The World Bank estimated that the flow of remittances to developing countries in 2011 increased by zero.8 per cent from $ 325 billion 2010 and is anticipated to grow at seven to eight per cent annually until 2014.



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very amazing

Where Can I Read Urdu Newspapers Online Regularly?

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http://www.myurdunews.com
It is an online Urdu newspaper from Pakistan. Read it for latest news and views

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