Raza Khan

Pakistan received $294.4 million as workers’ remittances in July 2022 from the European Union (EU) countries, the State Bank of Pakistan (SBP) reported. Workers’ remittances from the EU countries were 2.2% lower as compared to July 2021. The country received $301.1 million as remittances in July last year. Italy remained Pakistan’s largest source of remittances among the EU countries during first month of the current fiscal year. Overseas Pakistanis in Italy sent $80.4 million back home during the month under review, up 7% as compared to $75.1 million in the corresponding month of last year.

According to the SBP data, Pakistan received $49.7 million remittances from Spain in July this year, against $45.6 million in 2020-21, with an increase of 9%. Germany remained Pakistan’s third largest source of remittances among the EU countries in July 2022 with $43.6 million remittances as compared to $44.1 million in the corresponding month of 2021, with a slight decline of 1.33%.  

Pakistanis in France sent home $39.1 million in the month under review, against $43.1 in the same month of last fiscal year, down 9.28%. Remittances from Greece and Belgium were recorded at $33.3 million and $18 million, respectively, in first month of fiscal year 2022-23. Pakistan also received $11.7 million from Ireland, $7.2 million from Sweden, $6.3 million from Denmark, and $5.1 million from the Netherlands as remittances in July.

Pakistan’s workers’ remittances from the EU countries grew by 3.55% in July when compared to the preceding month of June 2022. Remittances from the EU were recorded at $284.3 million in June. With $580.6 million, Saudi Arabia remained Pakistan’s largest source of workers’ remittances in July, followed by the United Arab Emirates (UAE) and UK. Remittances from the UAE and UK were recorded at $456.2 million and $411.7 million, respectively, in the month under review. Pakistan received $3.361 billion remittances in fiscal year 2021-22 from the EU countries, 23.2% higher as compared to 2020-21 when the number was $2.7286 billion.

Italy also remained Pakistan’s largest source of remittances among the EU countries in last fiscal year with $856.7 million, followed by Spain and Germany. Pakistani Ambassador to Italy Juhar Saleem said in a statement that Italy has announced to allow 69,700 seasonal workers from selected countries in 2022 for work. “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 to work in Italy,” he stated.

Overall Saudi Arabia remained Pakistan’s largest source of workers’ remittances in 2021-22 with a volume of $7.743 billion followed by the United Arab Emirates (UAE) which stood at $5.8418 billion. Pakistanis in UK sent home $4.4868 billion, making it the third largest source of remittances for Pakistan.

Credit : Independent News Pakistan-WealthPk