By Raza Khan

ISLAMABAD, August 2 (INP-WealthPK): Pakistan received $3.361 billion as workers’ remittances from the European Union (EU) countries in fiscal year 2021-22, the State Bank of Pakistan (SBP) reported.

Workers’ remittances from the EU countries are 23.2% higher as compared to those in 2020-21 and 53.4% higher in 2019-20. The country received $2.7286 billion remittances in 2020-21 from the EU, and $1.7785 billion in 2019-20. 

Italy remained Pakistan’s largest source of workers’ remittances among the EU countries during the last fiscal year. Overseas Pakistanis in Italy sent $856.7 million back home, up by 41.15% as compared to $606.9 million in 2020-21.

Jauhar Saleem, Pakistan’s Ambassador to Italy, said in a statement that in 2021-22, around 25% of the total Pakistani workers’ remittances from the EU came from Italy. “Overseas Pakistanis in Italy posted highest growth in remittances among all destinations in the world, making Italy Pakistan’s eighth largest destination for remittances globally and number one within the EU,” the ambassador informed.  

According to Saleem, Italy has announced that 69,700 seasonal workers from selected countries are allowed to come to Italy for work in 2022.

“Pakistan has already been included in the Italian Seasonal Work Visa Program for 2022, which would offer many opportunities to our workers in agriculture and services sector in Italy,” he added.

The ambassador said the Italian government has recently reduced timelines for work visa processing which has been a long-standing demand from Pakistani workers.

According to the SBP data, Pakistan received $512.6 million remittances from Spain during the year under review, against $402.2 million in 2020-21, with an increase of 27.44%.

Germany remained Pakistan’s third largest source of remittances in 2021-22 with $508.5 million as compared to $431.9 in the preceding year, up by 17.7%. Pakistanis in France sent home $487.7 million in 2021-22, against $422.7 million in the preceding year, with an addition of 15.4%.   

Workers’ remittances from Greece and Belgium were $364.9 million and $260 million, respectively, in 2021-22.

Pakistan also received $160.2 million from Ireland, $79 million from Sweden, $70.8 million from Denmark and $60.6 million from Netherlands as remittances during the last fiscal year.

In the month of June 2022, Pakistan received $2.7611 billion as workers’ remittances from abroad, against $2.7142 billion in June last year, up by 1.72%. Remittances from the EU countries reached $284.3 million in June 2022 against $276.1 million during the same month of last year.

Pakistan’s total remittances from abroad were $31.2375 billion in 2021-22. Remittances from the EU countries accounted for 10.75% of the total received during 2021-22. 

Overall, Saudi Arabia remained Pakistan’s largest source of workers’ remittances with a volume of $7.7433 billion, followed by the United Arab Emirates (UAE) with $5.8418 billion.

Pakistanis in UK sent home $4.4868 billion, making it the third largest source of workers’ remittances for the country.

Credits: Independent News Pakistan—Wealthpk