ISLAMABAD: The Federation of Pakis
tan Chambers of Commerce and Industry (FPCCI) on Thursday said the country is paying half of the import bill through rem
ittances therefore this sector should be given extra attention.
Overseas rem
ittances play a vital role in boosting
forex reserves and balancing trade deficit therefore steps must be taken to ensure its continued flow, said FPCCI Preside
nt Abdul Rauf Alam.
He said that rem
ittances
have gone down in the first five months of this fiscal which should be noticed and steps should be taken to stem the fall. Alam said the government should ensure growth in rem
ittances though various initiatives, including finding new markets. The president called for improvement in the existing system to encourage rem
ittances which will strengthen
forex reserves and help national development.
He said that Pakistan received 65 percent of the money from Middle East while the rest of the money comes from the US, the UK and other countries.
“Brexit and developments in America can
have a negative impact on the rem
ittances for which we should start finding solutions,” he underlined.
The sliding oil prices had destabilised the budgets of oil producing nations compelling them to cut development expenditures which damaged inflow of rem
ittances but now oil prices are climbing which will result in increased rem
ittances, he said. Stable oil prices will stabilise oil producing countries triggering demand for labour while it will result in budgetary problems for the oil importing countries, he said.
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