ISLAMABAD: Pakistan recorded an increase of 29.1% year on year in workers remittances in the month of November, the Pakistani central bank said on Monday, with Prime Minister Shehbaz Sharif expressing his gratitude to overseas Pakistanis for sending a record $2.9 billion.
Remittances bring billions of dollars annually from overseas Pakistanis and are vital to Pakistan’s economy. These inflows bolster foreign exchange reserves, stabilize the balance of payments, and support the Pakistani currency.
Remittance inflows in November were mainly sourced from Saudi Arabia ($729.2 million), United Arab Emirates ($619.4 million), United Kingdom ($409.9 million) and the United States ($288.2 million), according to the State Bank of Pakistan (SBP).
“Overseas Pakistanis are our precious asset, who are highlighting Pakistan’s name in the entire world through their talent and potential,” Sharif said in a statement issued from his office.
Cumulatively, with an inflow of $14.8 billion, workers’ remittances increased by 33.6% from July till November, compared to $11.1 billion received during the same period last year, the SBP said.
Sharif said the surge in remittances was welcoming and would yield “promising results” for the economy.
The South Asian country narrowly avoided a sovereign default last year by clinching a last-gasp $3 billion loan program from the International Monetary Fund (IMF).
Pakistan has made some economic gains since then, most notably slowing the annual consumer inflation to 4.9% in November, lower than the government’s forecast and the lowest in nearly six years. This was down from 38% in May last year.
Data released by the Pakistan Bureau of Statistics also supported positive investor sentiment as the trade deficit narrowed by 7.39% during the first five months (July-November) of the current fiscal year, standing at $8.651 billion, compared to $9.341 billion during the same period last year.
Exports rose by 12.57% to hit $13.69 billion, while imports increased by 3.90% to $22.342 billion during this period. November’s trade deficit narrowed even further, dropping by 18.60% year-on-year to $1.589 billion compared to $1.952 billion in November 2023.
Pakistan’s government has vowed to undertake economic reforms mandated by the IMF which include tightening fiscal policies, privatizing loss-making state-owned enterprises and enhancing tax revenues.
Saudi Arabia remains top contributor as Pakistan workers remittances increase 29% year on year
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Saudi Arabia remains top contributor as Pakistan workers remittances increase 29% year on year
- Pakistan received $2.9 billion in remittances during November, with $729 million sourced from Saudi Arabia
- Cumulatively, Workers’ remittances increased by 33.6% from July till November, with an inflow of $14.8 billion
No Saudi acquisition offers: FC Barcelona tells Al-Eqtisadiah
CAIRO: FC Barcelona has not received any offers, whether from Saudi Arabia or elsewhere, to acquire the club, according to an official source who spoke to Al-Eqtisadiah.
According to the source, the circulating news regarding the possibility of finalizing a deal to acquire the club in the coming period is a mere rumor.
Recent Spanish reports had indicated the possibility of a Saudi acquisition of Barcelona shares for around €10 billion ($11.7 billion), a move considered capable of saving the club from its financial crises if it were to happen, especially as it suffers from debts estimated at around €2.5 billion.
Sale not in management’s hands
Joan Gaspart, the former president of the club, confirmed that the current board of directors, chaired by Joan Laporta, does not have the right to dispose of the club’s ownership.
He added: “FC Barcelona is owned by about 150,000 members, and selling the club is something the owners will not accept. FC Barcelona possesses something no other club in the world has; money is very important, and so is passion, but the sentiment of the members today is to continue what the club has been for 125 years.”
High market value
Despite the financial crisis the club has been going through in recent years, FC Barcelona ranks sixth on the list of the world’s highest market value clubs, with an estimated value of €1.12 billion, according to Transfermarkt. Meanwhile, its rival Real Madrid tops the list with a market value of €1.38 billion.
