KARACHI: Federal Minister for Finance Shaukat Tarin has said that the trend of remittances received in last five months of current fiscal year showed an increase of around 30 per cent over the similar period in the last fiscal year.
Addressing an MoU signing ceremony between Pakistan Remittance Initiative (PRI) and Pakistan International Airlines (PIA) at the State Bank of Pakistan on Wednesday, Tarin urged overseas Pakistanis to ensure that they are transferring their money through official channels into Pakistan.
He said that the strategic alliance between PRI and PIA would contribute towards the enhancement of remittance flows through official money transfer methods and help the government achieve its goal of formalising the remittance market in the country.
In this regard, he also highlighted the role of the financial sector and said that 'it is satisfactory to note that banks have started to improve their infrastructure and related systems with a view to offering better remittance services.'
The Finance Minister said that he was confident that PRI would usher in a new era in the realm of workers' remittances and reach the ultimate destination of highest efficiency and maximum satisfaction levels.
“The performance of PRI has been commendable since its inception and I am confident that they would continue to work with the same commitment and dedication to achieve their objectives,” he added.
He, however, pointed out that the success of PRI does not lie in month-to-month numbers, rather its objective is to lay the foundation of a permanent structure. He added that the performance of PRI, however, would be evaluated by remittance flows into the country in a given fiscal year.
According to Tarin, there would be end-to-end efficient systems, maximum satisfaction of the remitter and beneficiary, highest degree of commitment of the financial sector, and the inclusion of such ingredients into the policy framework for PRI, whereby a consistent political-will should become a norm rather than an exception.
The minister applauded the role of law enforcement agencies as well, particularly the FIA in taking stern action against illegal foreign exchange operators. “Accordingly, we have mutually decided to give monetary rewards to FIA officials associated with the law enforcement agencies." he added.
Speaking on the occasion, Federal Minister for Overseas Pakistanis Farooq Sattar pointed out the two major factors behind the use of informal channels, including lack of awareness among overseas Pakistanis about the exisiting formal channels and the negative propaganda against official money transfer methods by operators of informal channels.
“As a result people assume that official channels are inefficient. Now, through the PRI we are not only creating awareness about the existing formal channels, but also improving the system whereby swift delivery of remittances could be possible,” he added. –APP
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