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Pakistan’s Remittances Rose by 17% Last Year

Remittance flows to Pakistan grew by around 17% in 2020 despite challenging forecasts and the global Covid-19 pandemic.

According to the latest Migration and Development Overview released by the World Bank, the increase in remittances from Pakistanis working abroad last year was much faster than her 5.2% increase in remittances to South Asian countries.

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The bank had previously predicted a significant drop in remittances to Pakistan and other regional countries due to the coronavirus pandemic. This has forced countries around the world to lock down their economies and repatriate migrant workers to their countries of origin.

Read More: Kuwait to Resume Issuing Visas to Pakistanis After 10 Years

The decline in global remittance flows recorded last year was smaller than the decline during the 2009 global financial crisis (4.8%), and far smaller than the decline in foreign direct investment (FDI) in low- and middle-income countries. declined by more than 30% in 2020, excluding inflows to China. As a result, remittance flows to low- and middle-income countries exceeded US$25 billion in foreign direct investment and US$179 billion in development assistance. 

Read More: Foreign Borrowing Rises 12% to $7 Billion

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