Saudi Arabia remains largest source of remittances to Pakistan

Pakistani workers remitted $16.096 billion in fiscal year 2019, a growth of 8.74 percent from last year, according to data released by the State Bank of Pakistan on Wednesday. (Reuters)
Updated 12 April 2019

Saudi Arabia remains largest source of remittances to Pakistan

  • Pakistan central bank data shows Pakistanis in Saudi Arabia remitted $3.74 billion in first 9 months of 2019 compared to $4.9 billion last year
  • Overall, Pakistani workers remitted $16.096 billion in fiscal year 2019, a growth of 8.74 percent from last year

KARACHI: Saudi Arabia remains the largest source of remittances to Pakistan, data released by the Pakistani central bank showed on Wednesday, even though the amount of funds flowing in from the Kingdom dropped from $4.9 billion last year to $3.74 billion during the first 9 months of fiscal year 2019.
Overall, overseas Pakistani workers remitted $16.096 billion in the first nine months of fiscal year 2019, an increase of 8.74 percent compared with $14.80 billion received during the same period last year.
The combined contribution of Saudi Arabia, the United Arab Emirates and Gulf Cooperation Countries to total Pakistani remittances was 57 percent in fiscal year 2018. This dropped to 54.1 percent or $8.69 billion this year.
In March 2019, inflows from Saudi Arabia, the UAE, the US, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and European Union countries amounted to $405.87 million, $378.14 million, $271.11 million, $281.26 million, $167.80 million and $44.20 million respectively compared to March 2018 inflows of $427.62 million, $424.89 million, $247.17 million, $258.96 million, $183.79 million and $58.91 million.
After Saudi Arabia, the UAE is the second largest labor market for Pakistan. Other major contributions come from the United States where workers sent back $2.5 billion, and the United Kingdom, which remitted $2.47 billion.
“Economic turnaround in the US and the UK in the recent past resulted in declining unemployment and rising wages, and both factors contributed to a sharp rise in remittances from these countries,” the central bank report said.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during March 2019 totalled $197.41 million against $202.26 million received in March 2018.


Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

Updated 14 October 2019

Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

TOKYO: Under-pressure start-up WeWork is considering two huge bailout plans including a cash injection that could see Japanese investment titan SoftBank take control of the firm, according to reports.
The office-sharing giant had been on course for a massive initial public offering until last month when questions began to be asked over its governance and profit outlook.
The firm’s valuation plunged from $47 billion in January to less than $20 billion in September and the listing plans have been dropped, while co-founder Adam Neumann stepped down as chief executive.
With New York-based parent company We Co. not expected to push for the IPO this year, the cash-strapped firm is looking for a financial lifeline.
The Wall Street Journal, New York Times and Bloomberg News cited unnamed sources close to the talks as saying SoftBank — the US firm’s biggest shareholder — had drawn up a proposal that gives it full control of WeWork.
The move would dilute the voting power of Neumann, who remains as chairman of the company he started in 2010 and also currently maintains control a majority of voting shares.
They also reported that WeWork is looking at a deal with Wall Street giant JP Morgan to raise $5 billion in debt, with the Times saying directors of We would be meeting as soon as Monday afternoon to discuss that.
“WeWork has retained a major Wall Street financial institution to arrange financing,” the Journal reported a company spokesman as saying.
“Approximately 60 financing sources have signed confidentiality agreements and are meeting with the company’s management and its bankers over the course of this past week and this coming week.”
The New York-based startup that launched in 2010 has touted itself as revolutionizing commercial real estate by offering shared, flexible workspace arrangements, and has operations in 111 cities in 29 countries.
However, the company, which lost $1.9 billion last year, has faced skepticism over its ability to make money, especially if the global economy slows significantly.