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RE post no. 47507 (How can we support Pakistan),

(58144)
   limo
Wednesday, May 5, 2010 03:03 AM 
Reply: >
> Remittances from overseas Pakistanis rose 32 per cent

Can someone tell the exact definition of "overseas" Pakistani.Do they include the ones who hold dual nationalities and have left the country for goods.This class of overseas who are settled abroad dont tend to look towards Pakistan from investment point of view and send money only to their loved ones in the family so that they could meet their day to day needs.Money thus sent stays in the banks for very little time. Whereas major junk of remittance mainly comes from the individuals who are working out of the country and are likely to come back once their financial objectives are met. This class of overseas contributes in the real sense in escalating the reserves. Because remittance which can help swell our reserves is the one that is sent legally and stays in the banks for a considerable period of time and NOT the one that is spent the same moment after it is sent.
But after the rapid devaluation of our currency in recent years, mostly people abstain from sending their money back home on regular intervals and prefer keeping their hard earned money in foreign accounts.Data released by State Bank is never considered creible because it is mostly manipulated to acquire political aspirations.
They just keep painting rosy pictures and the commmon man's miseries keep multiplying.
Pardesi, Jeddah replied on Wednesday, May 5, 2010 06:07 AM 

Pakistan is engulfed with geo-political problems resulting into economic catastrophe. Thus a long-term solution is required but to carry over a long-term solution, short-term measures bridge the transitional period. In short-run Pakistan badly requires liquid funds to run day-to-day business. The US aid of $7.5 b in 5 years has been accepted to keep the pace of daily govt. expenses. Moreover, this has been an established fact from many reports that we are not short of producing power for the country but it is the circular debt which has choked the entire set-up & forced to cease some of the power producers. Besides, Iranian & Chinese offers are still available. My point is that the foreign remittances provide liquidity, no matter from temporary expats or from permanent abroad settlers, either it rests in a bank resrves or channeled into the economy’s consumption, comes from banking or from hundi.

Ps. I was not able to digest dividing annual remittance on the total population??? Does that justify not taking measures to increase & channelize the annual foreign remittances?
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