Connect with us

Business

Pakistan records 11.3% growth in remittances in July-Dec 2021

Remittances in terms of growth increased by 2.5% on month-on-month basis and 3.4 % on year-on-year basis in December

Published

on

Pakistan records 11.3% growth in remittances in July-Dec 2021
GNN Media: Representational Photo

Karachi: The workers remittances grew by 11.3 percent during the first half of the current fiscal year as compared to the corresponding period of last year, the State Bank of Pakistan (SBP) has reported.

The workers remittances during July-December of fiscla year 2021-22 were recorded at $15.8 billion.

With $2.5 billion of inflows during December 2021, workers’ remittances continued their strong impetus of remaining above $2 billion since June 2020.

In terms of growth, remittances increased by 2.5% on month-on-month basis and 3.4 % on year-on-year basis in December 2021.

Remittance inflows during December 2021 were mainly sourced from Saudi Arabia ($626.6 million), United Arab Emirates ($453.2 million), United Kingdom ($340.8 million) and United States of America ($248.5 million).

The proactive policy measures by the government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained inflows of remittances since last year, the SBP statement added.

The Jul-Nov FY22 data of workers’ remittances has been revised upward to reflect inflows into Roshan Digital Accounts (RDA) that are related to local consumption (like payment of utility bills, transfer to local PKR account, etc.).

SOURCE: APP

Faisal Ali Ghumman

Mr. Ghumman is a seasoned journalist who has 19 years of diversified experience in print, electronic and digital media. He has worked with 92 News HD, Daily Pakistan Today, Daily The Business, Daily Dawn, Daily Times and Pakistan Observer as News Reporter, Feature Writer, Editor, Web Content Editor and Article Writer. Mr Ghumman has graduated from the Bahauddin Zakariya University Multan and is currently enrolled in M.Phil in Mass Communication at the University of Punjab.

Pakistan

PM's use of religion as 'cover-up' for economic, governance breakdown a matter of concern: Shehbaz

The PML-N leader's criticism came hours after an article written by the premier titled 'Spirit of Riyasat-i-Madina: Transforming Pakistan'

Published by Faisal Ali Ghumman

Published

on

PM's use of religion as 'cover-up' for economic, governance breakdown a matter of concern: Shehbaz

PML-N president and Leader of the Opposition in the National Assembly Shehbaz Sharif Monday said he was "really concerned" with the way Prime Minister Imran Khan was "using religion as a cover-up for the massive governance and economic breakdown" in the country, which he attributed to the latter's policies.

"Such a self-serving approach will wreak greater damage upon the polity than is being understood," he said on Twitter.

Shehbaz's criticism came hours after an article penned by the premier titled 'Spirit of Riyasat-i-Madina: Transforming Pakistan' was published in which he talked about the five basic tenets of Islam and how, in order for the country to realise its potential, society will have to struggle to embody these principles as a nation.

 

Continue Reading

Pakistan

Kazak envoy calls on COAS Bajwa, discusses regional security, bilateral matters

General Qamar Bajwa hoped law and order situation in Kazakhstan would be restored soon

Published by Faisal Ali Ghumman

Published

on

Kazak envoy calls on COAS Bajwa, discusses regional security, bilateral matters

Rawalpindi: Ambassador Extraordinary and Plenipotentiary of the Republic of Kazakhstan Yerzhan Kistafin Monday called on Chief of Army Staff (COAS) General Qamar Javed Bajwa at GHQ on Monday.

During the meeting matters of mutual interest, regional security situation and cooperation in various fields were discussed, said an Inter Services Public Relations (ISPR) media release.

Speaking on the occasion, the COAS hoped that law and order situation in Kazakhstan was restored soon.

Referring to Afghanistan, the COAS stressed upon the need for sincere international efforts to avert a humanitarian crisis there.

General Bajwa said Pakistan remained committed to cooperate with its international partners for peace in the region.

The visiting dignitary appreciated Pakistan’s role and efforts for regional stability and pledged to play his role for further improvement in diplomatic cooperation with Pakistan at all levels.

Continue Reading

World

Job market recovery likely to slow in 2022 due to new Covid variants: ILO

There would be an even bigger deficit in working hours in 2022 than it previously estimated

Published by Faisal Ali Ghumman

Published

on

Job market recovery likely to slow in 2022 due to new Covid variants: ILO

London: The United Nations’ International Labour Organization has warned that job market recovery from the Covid-19 pandemic looks set to slow in 2022.

In its 2022 World Employment and Social Outlook trends report, published Monday, the ILO forecast that the number of hours worked globally in 2022 would be 1.8% lower than in the fourth quarter of 2019, just before the onset of the pandemic.

The ILO forecast that there would be an even bigger deficit in working hours in 2022 than it previously estimated. It projected that the fall in global working hours this year would now be the equivalent of losing 52 million full-time jobs, nearly double the 26 million it previously forecast in May 2021.

Guy Ryder, ILO director-general, said in a press briefing ahead of the release of the report on Monday that this “downside readjustment is quite considerable.”

Ryder said that there were a number of reasons behind the expected slowdown in the labor market recovery, including the spread of new Covid variants, such as delta and omicron.

The ILO expected the labor market recovery to remain weak through 2023.

Ryder said that the far-reaching changes to economic and social behavior brought on by the Covid crisis had reduced the demand for, and the supply of, labor. He said that the ILO expected this trend to continue for “as long as the pandemic itself remains uncontrolled.”

The ILO estimated that global unemployment is expected to reach 207 million in 2022, versus 186 million reported in 2019.

Ryder said that to be “sustainable this recovery must be based on the principles of decent work, employment creation, labor rights, social protection and social dialogue.”

He referred to the guidance that was offered in the ILO’s call-to-action, that was adopted by its 187 member states in June 2021. For example, the ILO suggested that states should provide incentives to employers to retain workers, such as shorter working weeks.  

SOURCE: CNBC

Continue Reading

Trending