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Wednesday, February 12, 2014

Foreign remittances up by 9.5 percent

Foreign remittances up by 9.5 percent

Ishaq-DarFinance Minister Ishaq Dar said on Monday that foreign remittances had increased by 9.5 percent in last seven months and the State Bank of Pakistan (SBP) had been tasked to work out a system in collaboration with private banks for expeditious delivery of foreign remittances. He said bold decisions of the government had helped turnaround the economy.
Addressing a reception of the Pakistan Muslim League-Nawaz (PML-N) workers in Dubai‚ he said Pakistan would soon emerge as economically strong country. He said the government had cut down public sector expenditure by 30 percent and all discretionary funds of the ministers had been abolished.
The minister said these austerity measures had helped for sparing funds for development of the country and ensuring income support for the poor people. Similarly‚ he said, a number of measures had been taken to enhance the country’s revenue collection. Ishaq Dar said the government was trying to improve GDP ratio which was one of the lowest in the region. He said efforts were also being made to expand the tax net.
The minister urged the expatriate Pakistanis to send their foreign remittances through banking channels. He said the government was cognizant of problems confronting the overseas Pakistanis and was determined to address these problems sincerely.