Re: Pak expatriates sending nearly $600 million a month back home
i can point to plenty of articles in wpost and nytimes that indicated saddam had advanced weapons development program. does not mean that he did.
yes, and I can show you articles about Elvis in Peshawar/FATA, "heaven found in space" etc..... the point is?
Re: Pak expatriates sending nearly $600 million a month back home
show me what "fact" was wrong in my post.... and you already stand corrected for your claim of $2 billion only.
sorry man, i dont have time to explain myself to someone who does not know the difference between aid and reimbursement recieved in lieu of army operations.
Re: Pak expatriates sending nearly $600 million a month back home
sorry man, i dont have time to explain myself to someone who does not know the difference between aid and reimbursement recieved in lieu of army operations.
sorry man, all the articles have put that money in one number but only you can understand. Reimbursement is not for "fuel" or "bomb" explosions alone, rather 'logistics' service as well. Think think faisal....
Re: Pak expatriates sending nearly $600 million a month back home
Yea brother, but the main thing that many Pakistanis could not understand and surprises me most is that that no one mentions that since Musharraf came to power, Pakistan paid over 30 billion dollars interest on loan that Musharraf inherited from past crooks. It was this interest on past loans that was real cause of increasing loans and at many times in past took Pakistan to the brink of bankruptcy. It was 4 billion dollars a year that Pakistan needed to pay without even decreasing existing loan or getting anything out of that.
Past governments used to take new dollar loans to pay interest on past loans. And that means, if present government had taken dollar loans to pay interest on past loans than Pakistan external debt would have kept increasing at the rate of around 10 percent a year, or today it would have become over 80 billion dollars without Pakistan taking any loan for other purposes.
It is big achievement of Musharraf that Pakistan kept servicing past debts from current earnings and kept national dollar debt stagnant (did not let it increase substantially).
Yup, and under Musharraf we stopped borrowing anymore money from the IMF, and in fact started paying it back. That's quite a historic achievment as well.
Pak expatriates sending nearly $600 million a month/Remittances increase
Mashallah. This is very good news. So many people now have confidence in Pakistan that they are willing to send and invest money in Pakistan at an Unprecedented Level. Long may it continue.
http://thenews.jang.com.pk/daily_detail.asp?id=96692
Remittances increase 22pc to $3.6bn
Sunday, February 17, 2008
KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as $3,623.40 million was received in the first seven months (July 2007-January 2008) of the current fiscal year, showing an increase of $664.05 million or 22.44 per cent over the same period of last year.
The amount of $3,623.40 million included $1.71 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The State Bank of Pakistan, while announcing the figures, said on Saturday the monthly average of remittances for the period July-January 2007-08 came to $517.63 million compared to $422.76 million during the corresponding period of the last fiscal year, registering an increase of 22.44 per cent.
The break-up showed that inflow of remittances in the July-January 2007-08 period from the US, Saudi Arabia, the UAE, Gulf Cooperation Council countries (including Bahrain, Kuwait, Qatar and Oman), the UK and EU countries amounted to $1,025.71 million, $663.67 million, $593.57 million, $539.88 million, $262.88 million and $103.18 million, respectively.
These compared with $768.01 million, $552.53 million, $443.87 million, $407.36 million, $247.86 million and $85.61 million respectively in July-January 2006-07.
Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries during the first seven months of the current fiscal year amounted to $432.80 million against $452.71 million in the same period last year.
During January 2008, Pakistani workers remitted $557.07 million, up $165.74 million or 42.35 per cent from $391.33 million sent home in January 2007.
The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to January 2007.
According to the break-up, remittances from the US, Saudi Arabia, the UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), the UK and EU countries amounted to $151.50 million, $100.61 million, $93.24 million, $82.67 million, $35.65 million and $14.19 million respectively.
In the corresponding month last year, receipts from the respective countries were $108.74 million, $69.21 million, $46.84 million, $48.78 million, $29.19 million and $10.72 million.
Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries during January 2008 amounted to $78.62 million compared to $77.79 million during January 2007.
Re: Remittances increase 22pc to $3.6bn.
I don't know about many, but in my circle people have increased remittances because of the recent price hike and believe they are not happy about it, because the recent manufactured price-hike has disturbed long-term plans and savings.
So yes i agree that the remittance has increased, but due to poor policies of govt. and the money coming in Pakistan is going in the personal accounts of the Mush & co.
Re: Pak expatriates sending nearly $600 million a month/Remittances increase
always nice to aid pakistan. remitances are a major boost to local people's purchasing power.
Re: Pak expatriates sending nearly $600 million a month/Remittances increase
Aren't remittances harmful to a certain extent as well? I read an article a long while back by an Indian man who claimed that NRI remittances to India were creating a middle-class with a sense of entitlement who didn't believe that they were owed an existence by their overseas relatives. He also claimed that it forced more people to go abroad, as a sort of "keeping up with the Patels", i.e. you see your neighbor building a larger house, realize that the only way to do so is to send your son abroad, thus dramatically increasing the "brain drain". Just something to think about.