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‘Remittances recorded A highest ever amount in history of Pakistan’

Syed Umarullah HussainiWeb Editor

17th Aug, 2020. 11:46 am
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Prime Minister

Prime Minister Imran Khan said on Monday that Remittances from overseas Pakistanis recorded highest ever amount in the history of Pakistan.

He took to twitter and wrote:

More good news for Pak economy. Remittances from overseas Pakistanis reached $2,768 mn in July 2020, highest ever amount in one month in the history of Pakistan.

Prime Minister Imran Khan went on to say that,

“This is 12.2% increase over June 2020 and 36.5% increase over July 2019.”

Earlier The Asian Development Bank (ADB) warned that Global remittances will fall by 108.6 billion dollars if the Covid-19 economic impact persists throughout the year

A report by ADB said Remittance receipts in Asia and the Pacific will fall by 54.3 billion dollars, equivalent to 19.8 percent of remittances in 2018.

By sub-region, remittances in South Asia are expected to fall furthest by 28.6 billion dollars (24.7 percent of 2018 receipts) followed by remittances to Central Asia (3.4 billion dollars, 23.8 percent), Southeast Asia (11.7 billion dollars, 18.6 percent) and east Asia ex-China and Japan (1.7 billion dollars, 16.2 percent).

The majority of the decline in remittance flows to the region is explained by a 22.5 billion dollars fall in remittances from the Middle East which accounts for 41.4 percent of total remittance loss in Asia.

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