ISLAMABAD

Pakistan Overseas Employment Promoters Association (POEPA), on Sunday, said workers’ remittances could cross $ 20 billion in the ongoing fiscal year (FY).

“We are highly satisfied with the initiatives taken by the government, the State Bank of Pakistan and other stakeholders, which have led to a continued growth in remittances despite global downturn and oil crisis,” said POEPA Chairman Ch. Muhammad Afzal.

He said that Pakistan was gaining ground in the global remittance market for which credit also went to the embassies of friendly countries, especially that of Saudi Arabia.

Afzal said the government should recognise the services of all those people, who have played their part in increasing the remittances, while banks should further improve their services for the overseas Pakistanis.

He lauded the steps taken to enhance the flow of remittances through legal channels, including implementation on a national strategy on remittances and an advisory role for the financial sector

“We must learn more from the policies of other countries to ease flow of the money into the country, resulting in maximum satisfaction of both the remitters and the beneficiaries; improved commitment of the financial sector, and development of new products and services,” he underlined.

He said reducing the cost of remittances could also facilitate more inflows, which would boost the economy while discouraging Hundi and Hawala.

POEPA chairman said POEPA would unconditionally cooperate with the government and all agencies concerned to maximise the flow of remittances through formal channels, which, he said, was the best recipe for development.