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.


Boeing finds a new issue with 737 MAX aircraft

Updated 22 min 59 sec ago

Boeing finds a new issue with 737 MAX aircraft

  • The fuel tank debris was discovered during maintenance on parked planes
  • Boeing built about 400 undelivered MAX jets before it temporarily halted production last month

Boeing said Tuesday that it found debris contaminating the fuel tanks of some 737 MAX jets that it built in the past year but was unable to deliver to airline customers.
A Boeing official said the debris was discovered in “several” planes but did not give a precise number. Boeing built about 400 undelivered MAX jets before it temporarily halted production last month.
The fuel tank debris was discovered during maintenance on parked planes, and Boeing said it immediately made corrections in its production system to prevent a recurrence. Those steps include more inspections before fuel tanks are sealed.
A Boeing spokesman said that the issue would not change the company’s belief that the Federal Aviation Administration will certify the plane to fly again this summer.
An FAA spokesman said the agency knows that Boeing is conducting a voluntary inspection of undelivered MAX planes.
The FAA “increased its surveillance based on initial inspection reports and will take further action based on the findings,” said spokesman Lynn Lunsford.
Metal shavings, tools and other objects left in planes during assembly can raise the risk of electrical short-circuiting and fires.
Mark Jenks, Boeing’s general manager of the 737 program, said in a memo to employees who work on the 737, “During these challenging times, our customers and the flying public are counting on us to do our best work each and every day.”
Jenks called the debris “absolutely unacceptable. One escape is one too many.”
The debris issue was first reported by aviation news site Leehamnews.com.
MAX jets were grounded around the world last March after two crashes killed 346 people. Boeing is conducting test flights to assess updates to a flight-control system that activated before the crashes on faulty signals from sensors outside the plane, pushing the noses of the aircraft down and triggering spirals that pilots were unable to stop.
While investigators examining the MAX accidents have not pointed to production problems at the assembly plant near Seattle, Boeing has faced concerns about debris left in other finished planes including the 787 Dreamliner, which is built in South Carolina.