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Saudi remittances support Pakistan’s economic surge

Sudhesh Giriyan
Pakistan’s record-breaking inward remittances of $19.9 billion for the 2016 fiscal year (FY 2016) are powered by contributions from Pakistani expatriates in Saudi Arabia.
The Kingdom has historically been Pakistan’s largest source of remittances, according to Xpress Money’s COO Sudhesh Giriyan.
Total remittances from Saudi Arabia to Pakistan for FY 2016 stood at $5.9 billion — almost 30 percent of Pakistan’s total remittances — as per the State Bank of Pakistan figures.
Remittances from Saudi Arabia to Pakistan for FY 2016 were also up 6 percent from the previous fiscal year. June 2016 alone saw Pakistanis in Saudi Arabia remit $582.84 million back home.
Xpress Money has been engaging with the Pakistani expatriate community in the country for years now. The brand offers transfers at zero cost to Pakistan from over 200 locations throughout the Kingdom.
“There is a strong Pakistani population of anywhere between 1.5 million to 2 million in Saudi Arabia, who actively send money home. We are very pleased to be the money transfer brand of choice for the expatriate Pakistani community in Saudi Arabia and show our appreciation through regular initiatives,” he added.
“For instance, we recently gave out 10-liter fuel coupons to all taxi drivers — mostly Pakistani — who remitted money with us. Xpress Money offers free and convenient money transfers for expatriate Pakistanis in the Kingdom and enable them to contribute positively to their country’s economic growth,” said Giriyan.
Global remittances contribute approximately 6.9 percent (as per World Bank) to Pakistan’s GDP, and are instrumental in powering the country’s recent economic growth.
Overseas remittances improve disposable income and quality of life, translating into business activity and infrastructural development. FY 2016 saw remittances from around the world exceeding government targets by 6.8 percent, according to State Bank of Pakistan figures.
Pakistan’s government sets its fiscal year from July 1 to June 30.

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