The government is hoping that the robust growth in remittances by non-resident Pakistanis, mainly from the Gulf region, will help it tide over its massive current account deficit.
According to the latest data from the State Bank of Pakistan, overseas Pakistanis remitted $780.5mn in August, 31.78% higher than the corresponding period last year.
This is the second consecutive record remittance in a single month during the current 2009-10 fiscal year (FY10). The previous record remittance in a single month by Pakistani workers was in July 2009 when $744.85mn was received.
If remittances continue at the same pace, the total amount could cross $9bn at the end of the current fiscal. This would be enough to offset the impact of the current account deficit.
The country received $7.811bn as workers’ remittances in fiscal 2008-09 while current account deficit stood at $8.86bn in the last fiscal. A gap of over $1bn was visible.
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