MoF informs ECC July-Feb remittances rose by 23.4pc

ASMA RAZAQ

ISLAMABAD: The Ministry of Finance has informed the Economic Coordination Committee (ECC) of the Cabinet that workers' remittances increased by 23.4 percent during July-February 2011-12 as compared to the corresponding period last year.

Sources told Business Recorder on Friday that the Ministry of Finance informed the ECC in a briefing that during July-February workers' remittances stood at $ 8.6 million compared to $ 6.9 million during the same period of 2010-11.

Workers' remittances received from US were $ 1.5 million during the first eight months of the current fiscal year - 17.5 percent more than $ 1.3 million received during the corresponding period last year.

Workers' remittances from Saudi Arabia were $ 2.3 million, 49 percent more than last year's $ 1.5 million.

Pakistan received $ 1.9 million remittance income from UAE during July-February 2011-12, 17.1 percent more than $ 1.6 million received last year, $991 million from UK, 28.6 percent more than last year's $ 771 million while from EU remittances were $ 245 million or 11.2 percent more than $ 220 million from July-February 2010-11.

From July-February 2011-12 net tax collections stood at Rs 1103 billion in comparison to Rs 876 billion collected during the first eight months of 2010-11. An amount of Rs 403 billion was received as direct taxes while during the corresponding period last year Rs 314 billion was collected.

The committee was informed that from July-February 2011-12, total exports amounted to $ 15.19 billion while during the first eight months of 2010-11 total exports amounted to $ 15.2 billion.

Total imports from July-February 2011-12 stood at $ 29.7 billion that were 16.3 percent more than the corresponding period of first eight months of last year's total $ 25.6 billion.