Ten percent increase in remittances to create positive impact: Finance Ministry

ISLAMABAD: Spokesperson of Finance Ministry Dr Khaqan Mujeeb on Saturday said ten percent increase was recorded in the first six months of the incumbent government, ARY News reported.

“The increase in remittances will create a positive impact on balance of payment,” he said in a tweet.

Dr Khaqan Mujeeb urged the overseas Pakistanis to send more remittances to strengthen economy of the country.

He said the government’s prudent economic policies were now bearing positive results.

The finance minister on Friday said the government’s policy measures had resulted in shrinking of trade deficit, decline in imports and increase in exports which augurs well for overall balance of payment of the country.

The trade deficit that stood at US$ 17.7 Billion in July- December 2017 has shrunk by 5 percent to US$16.8 billion in the corresponding period in 2018, the Press Information Department reported.

The overall imports from July-December 2018 have shrunk by over 2 percent from US$ 28.7 billion in July – December 2017 to US$ 28 billion in July – December 2018. This trend is even more pronounced in respect of imports under RD regime, where the import value has declined from US$ 5.2 billion in July – December 2017 to US$ 4.4 Billion in July – December 2018, showing a contraction of 16percent (effective on 1994 tariff lines).