Govt intends to increase remittances target to $15b

KARACHI - The Federal government is intending to increase the remittances target to $15 billion dollars for next financial year 2009-10 which is almost double than the $7.5 billion dollars of current financial year 2008-09.
Dr. Farooq Sattar, Federal Minister for Overseas Pakistanis disclosed this while talking to the media at launching ceremony of a book Marhaba Musafar released by Western Union at local hotel on Monday. The book contains the basic information about the various countries where Western Union operations are in progress.
A large number of representatives of diplomatic missions, industrialists and traders attended the event.
Though, the $15b target of remittances for next FY2009-10 is seemed ambitious and difficult but not impossible, he said by quoting a quotation that where there is a will, there is a way!
Sattar said that the Overseas Pakistanis Ministry is planning to introduce a new mechanism for faster delivery of remittances to prescribed destination while in this regard, a meeting is scheduled to be held at State Bank of Pakistan on 6th April 2009. The State Bank Governor, representatives from telecommunication, NADRA and other relevant institutions would also participate in the meeting, he said. He said that Pakistan was legging behind the countries whose export was much below the exports of Pakistan in the decade of 90s.
Overseas Pakistanis Minister also offered his ministry cooperation to Western Union for expansion of branches and transferring of remittances by overseas Pakistanis.
Courtesy: The Nation