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Massive rise in remittances, foreign investment rising

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  • Pakistani Tiger
    replied
    Musharraf, you go Man!

    *Play your game - Guess my motto*

    Leave a comment:


  • Ohioguy
    replied
    Undoubtedly the repatriation of funds is a good thing. Yet that money could flow out as fast as it flows in. The damage caused to the Pakistani economy by the Afghan refugees should ease significantly by spring, but I fear that it will be more than offset by fear by western businesses. Who would come to Pakistan to negociate a business deal when the the "safety" factor is such a concern? True foreign investment is more than repatriation of funds.

    Leave a comment:


  • NYAhmadiX
    replied
    Man o man. Stupid New Yorkers have just received 10billions just to cleanup the WTC mess. Not to mention another 10B on the way (to continue cleaning the mess). It appears that Pakistan should be able to build a 10 story building in Karachi with 1.03B. But good news nonetheless.

    Leave a comment:


  • Abdali
    replied
    According to SBP forex may touch $10B by the end of this year.

    Leave a comment:


  • kumarakn
    replied
    Global economy is picking up! Pakistan may see a robust 5% average growth in the coming years!

    Leave a comment:


  • Adnan Ahmed
    replied
    Good news is always welcomed, but for some reason, i dont see the same confidence in Pakistani article!? Still, its something to toast.

    Leave a comment:


  • Dil he Pakistani
    replied
    Super News Malik.

    Pakistan can NOW look forward to sustained economic development in the coming years !

    Leave a comment:


  • Malik73
    started a topic Massive rise in remittances, foreign investment rising

    Massive rise in remittances, foreign investment rising

    Absolutely stunning news.

    http://news.bbc.co.uk/hi/english/bus...00/1881077.stm


    Pakistan sees cash inflow

    Pakistan's struggling economy enjoyed a significant surge of foreign currency late last year as expatriate workers sent money home from abroad. Bankers said the wave of money was triggered by fears among Pakistanis working abroad that investigations into money laundering after 11 September could lead to the indiscriminate freezing of bank accounts. Expatriate Pakistanis sent home $1.3bn (0.9bn) through official banking channels in the eight months since July 2001, more than twice as much as over the previous financial year.

    In February alone more than $236m was sent to Pakistan from abroad, three times more than the same period the year before. The amount of cash sent by the Pakistanis living in the US swelled almost fivefold during the period to $332m, while remittances from Canada rose six fold to $12m. Inflows from the Gulf states were also up by nearly 50%.


    Helping hand

    The huge transfer of funds helped the State Bank of Pakistan (SBP) to boost its foreign reserves. It has also proved useful to the country's economy, which was hit by the war in the neighbouring Afghanistan as trade fell and the number of refugees rose. The recent lifting of the international sanctions, US commitments to boost investments and to renegotiate the state debt, have also supported the economy. Pakistan has also enjoyed an increase in overseas investment, even though the amounts are still dwarfed by the flow of expatriate funds. According to the SBP, total investment in the country grew to $180m in the nine months since July 2001, up from $82m a year ago.

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