Pakistan Remittances Match IMF Bailout Package

Karachi Oct 9 (PTI) Foreign remittances sent by Pakistanis living abroad via official channels in the last three months matched the USD 7 billion bail-out package the government received from the International Monetary Fund (IMF) last month.

According to figures released by the State Bank of Pakistan, in September alone remittances by overseas Pakistanis totalled USD 2.8 billion, while in the last three months the remittances have been USD 2.92 billion per month on average.

The IMF last month approved a USD 7 billion package for three years for the Pakistan government to help stabilise the economy and meet foreign debt payment requirements.

Pakistan has also taken a USD 3 billion Stand-by-Arrangement package from the IMF to help its cash-strapped economy.

The State Bank of Pakistan's data showed that Pakistanis working in Saudi Arabia have sent the highest remittances of USD 68 million last month, while USD 56 million came from the United Arab Emirates.

The data also showed that Pakistani workers in Saudi have sent USD 2.15 billion remittances in the last three months.

In contrast, Pakistanis living in European countries have sent remittances of USD 1.9 billion in the last three months.

The Pakistani economy has seen a positive outlook since the start of the week with the Pakistan Stock Exchange KSE-100 index gaining for the last three trading sessions.

The PSX crossed the 86,000 milestone in intraday trade on Wednesday with the benchmark KSE-100 index moving up to 502.18 points, or 0.59 per cent, to settle at 86,166.15 points from the previous close of 85,663.97 points at midday.

Financial analyst Sohail Taqi said the positive mood was also because of the impending visit of a high powered delegation from Saudi Arabian investors to Pakistan this week. "Higher remittance figures for September have also seen optimism grow in the market.