Pakistan Economy Crisis: There has been an increase in the money coming from the workers living abroad in the neighboring country Pakistan, which is facing economic crisis. According to the Central Bank of Pakistan, Pakistanis living abroad sent 4.9% more money to the country in February. Economic experts are seeing this as a ray of hope, as Pakistan is currently short of money.
State Bank of Pakistan (SBP) said remittances from workers living outside Pakistan recorded an inflow of $1.987 billion in February as compared to $1.894 billion in the previous month. With this amount, there will be an increase in tax with the Pakistani government. Let us inform that among the countries where Pakistan’s workers are more, the Arabian Peninsula is at number one. Lakhs of people of Pakistan are earning money in Arabian peninsula countries like Saudi Arabia, United Arab Emirates (UAE), Qatar, Bahrain etc.
Pakistani bank told- how much money came from outside
According to the Pakistan Bank, $454.6 million was sent to Pakistan last month mainly from Saudi Arabia, $324 million from UAE, $317 million from UK and $219.4 million from US. Apart from these, Pakistani workers are also living in many European and East Asian countries. Remittances from these workers living abroad play an important role in the economy of Pakistan.
Role of workers living abroad is important
Actually, workers living abroad contribute a lot to the foreign exchange reserves of any country. They are among the major sources of foreign exchange. Talking about India, there is a significant number of Indian expatriates in America, Europe and Middle East countries. More than one million Indians live in the United Arab Emirates (UAE) alone. There are a lot of Indian workers in Saudi Arabia too, who earn billions of rupees every month and send it to the country.
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