The Though there has always been an increase in remittances from Pakistanis living abroad during Ramazan and on Eidul Fitr, but this year a record increase is anticipated as the trend has started quite in advance before the start of the holy month and will continue to increase till Eid.

It may be mentioned here that due to the depreciation of the Pakistani rupee, the trend of remittances from expats living abroad has prevailed during 2022 and 2023. On the other hand, investors have largely withdrawn their funds in the form of foreign exchange from local banks. This affected the reserves of the State Bank and they fell to the lowest level in the country's history, the government found it difficult to repay foreign loans and had to borrow more.

In 2018, their volume was 28 thousand billion rupees, which has now increased to more than 64 thousand. According to economic analysts, their value is seen to reach 93 thousand billion rupees in 2025. However, after a decrease recorded at the rate of 1.2 percent during the first seven months of this financial year, fortunately, a 13 percent increase in remittances has been seen in February.

According to the data released by the State Bank of Pakistan, remittances of 2 billion 24 billion 90 million dollars were received in the mentioned month, which is 14 billion 80 million or 6% less compared to 2 billion 39 million 70 million dollars in January, on the other hand, annually 13 percent are higher on the yearly basis. During the same month last year, remittances worth one billion 99 million dollars were received.

It is impossible to deny the importance of foreign exchange sent by overseas Pakistanis after exports.

According to Director General Bureau of Immigration, the target is to provide employment to 900,000 Pakistanis abroad in 2023, of which 90 percent has been achieved. Talking to journalists in Islamabad, he said that e-license and e-payment system will be introduced soon for overseas employment promoters license. He said that Europe is becoming a big market for Pakistan and we will provide employment to millions of Pakistanis there.

According to the head of the Immigration Bureau, many lakhs of Pakistanis have gone to Saudi Arabia and the United Arab Emirates for employment this year, while in Bahrain, Iraq, Malaysia, Oman, Qatar and Turkey, in addition to Romania and Portugal, there are also vast employment opportunities for Pakistanis. Undoubtedly, the greatest wealth of any country is its workforce, especially the new generation, whose proper education and training plays a key role in national development.

More than 9.5 million Pakistanis are living in other countries and they want to keep their capital in their country, However, weak policies and factors of rupee depreciation have adversely affected it.

Prime Minister Shehbaz Sharif is aware of the whole situation and is determined to overcome the challenges for which a new economic team is being formed.

Therefore, it is not unreasonable to expect that the increase in exports and remittances as well as foreign investment will be given top priority.

The national economy is currently facing its worst crisis and several factors have contributed to bring it to this state, chief among which is the trade imbalance, i.e. foreign exchange is withdrawing more than the inflow and the resulting deficit is on the most severe terms.

It has to be fulfilled by taking external loans. The size of the country's safe reserves, which fell to less than four billion dollars a few weeks ago, has been slightly managed by the government's hard efforts, but its status can be estimated from the Indian reserves, which currently stand at $600 billion.

Remittances sent by overseas Pakistanis are considered very lucrative in the conditions created by the trade imbalance.

The workface abroad is the backbone of our economy as they send millions of foreign exchange back home but when it comes to providing privileged to overseas Pakistanis, who send billions back home, our successive governments adopt a damn care attribute. They are mocked in the name of privileges for the one crore overseas Pakistanis who send thirty billion dollars of foreign exchange to Pakistan annually.  Yes, if you are an overseas Pakistani and you hear the details of these benefits, you will also laugh at what the government is playing with you in the name of benefits.

Last year, it was said that a new 'Diamond Card' is being issued for remittances and it will be issued to those who remit more than $50,000 annually. Privileges that will be offered to the Diamond Card holder include an unrestricted arms license, complimentary passport, priority access to Pakistani embassies and consulates and expedited immigration facilities at Pakistani airports, it was announced. Gratitude includes passports, priority access to Pakistani embassies and consulates and expedited immigration facilities at Pakistani airports. It has also been announced that a scheme will be launched to give big prizes to remittance card holders through raffle.

Now know the reality of these benefits, that is, the overseas Pakistani who sends fifty thousand dollars to Pakistan through banking channels will be issued a diamond card and the first facility given to him is a prohibited bore weapon. There will be a license, I think overseas Pakistanis are used to living in a peaceful environment, so no overseas Pakistani will send such a large amount of money for a license for a dangerous weapon, the next facility is the passport, through which they can get to the airports of Pakistan. But if the fastest immigration facility can be obtained, then the person who is sending five hundred thousand dollars to Pakistan will undoubtedly be a benevolent person and the benevolent person is already getting these privileges by giving a few thousand rupees or through his influence.

While the Pakistani embassies get access from such philanthropic Pakistanis themselves, they do not need access to the embassies, so this is not an attractive facility, the real problems in Pakistan's airports and embassies are those overseas Pakistanis who work only monthly.

They have the power to send their families with their salary, which is a few hundred dollars, they are not comfortable at the airport or in the embassies, the government has not given them any benefits that they actually deserve, so if you look at it, the most important means of sending dollars, i.e., the government has only announced nominal privileges for its own compatriots overseas Pakistanis.

Published in The Daily National Courier, March, 12 2024

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