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Pakistan receives $1b from UAE to improve balance-of-payment: Dr. Khaqan Najeeb

Pakistan receives $1b from UAE to improve balance-of-payment: Dr. Khaqan Najeeb

ISLAMABAD: Adviser to Finance Ministry Dr Khaqan Najeeb Tuesday said Pakistan had received $1 billion from United Arab Emirates (UAE), which would further improve its balance-of-payment situation.

In a statement, Dr. Khaqan Najeeb said the payment would also help improve the foreign exchange reserves of the country.

He said it was due to effective policies of the government that country’s that the situation of balance of payments was improving.

Pakistan and UAE have been working closely to transform the existing special relations into a “Long-Term Strategic Economic Partnership.” UAE had earlier pledged $3 billion to support Pakistan overcome its balance of payment crisis.

Earlier, Dr. Khaqan Hassan Najeeb has said that overseas Pakistani workers remitted $14.35 billion in the first eight months (July to February) of Fiscal Year 2019, showing a growth of 11.82 % compared with US $12.38 billion received during the same period in the preceding year.

He said that $14.35 billion are remitted by overseas Pakistanis during first eight months of current fiscal year.

He said during February 2019, the inflow of worker’s remittances amounted to US $1576.51 million, which is 9.56% lower than January 2019 and 8.71% higher than February 2018, central bank reported.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during February 2019 amounted to US $188.06 million together as against US $163.35 million received in February 2018.