Scapegoating expats a recipe for disaster: PEW
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Independent authority for tackling remittances proposed
The Pakistan Economy Watch (PEW) on Tuesday said scapegoating expatriates to increase revenue is a recipe for disaster which country cannot afford.
Remittances have 6 percent share in GDP and the sector has swelled by 150 percent in the last six years which must not be discouraged, it said.
Expats are sending home around 18 billion dollars per annum through legal means while other means including hundi may put figure to $ 25 billion, said Dr. Murtaza Mughal, President PEW.
He said that remittances are now covering entire oil import bill while its role in stabilising rupee and forex reserves and bridging trade gas cannot be underestimated in these hard times of dwindling exports.
Dr. Murtaza Mughal said that hundi is still easy, fast and cheap way to transfer funds therefore government can consider establishing an independent authority to handle this critical sector.
Moreover, export of manpower should be high on agenda which will reduce unemployment and increase income of the government, he said.
We are lagging behind all the countries competing Pakistan due to apathy of the policymakers.
Dr. Mughal said that Indians remit over 70 billion dollars per annum through legal channels which are more than their IT exports, China receives 64 billion dollars, Bangladesh 15 billion dollars while Philippines receive 28 billion dollars in remittances.
