ISLAMABAD - Managing Director Overseas Pakistani Foundation (OPF) Iftikhar Babar has said that overseas worker’s remittances registered commendable growth during July-May, 2013-14, growing by 11.5 per cent against 6.4 per cent growth recorded in the corresponding period of last year.

In an interview to APP, Iftikhar Babar said that Foreign exchange remittances from Pakistani workers abroad were likely to reached more than US $ 14.895 billion during first eleven months of this fiscal year against US $ 11.57 billion in comparable period of 2012-13.

The foreign exchange remittances from Pakistani workers abroad during financial year 2012-13 were US$ 13.922 billion.

The MD OPF said that the government was considering a proposal to

substantially boost foreign remittances and foreign exchange reserves as Gulf region is to be effectively tapped by exporting the maximum manpower.

Babar said that the consistent growth in remittances reflects a shift

from informal to formal avenues to remit funds from overseas Pakistanis.

He said that overseas workers were the main source of economic growth

of the country after exports. The country attained 4.14 per cent growth in the outgoing fiscal year, which is the highest one (in six years) since 2008-09,” Babar informed.

Iftikhar Babar further said that economic growth during the current government would help lead to prosperity through poverty alleviation.

The Government and State Bank of Pakistan (SBP) have focused on promotion of formal channel for international remittances through banks and different money transfer services under the Pakistan Remittances Initiatives (PRI), he added.

“The country’s economy grew by 4.14 per cent during fiscal year 2013-14 against 3.6 per cent last year (2012-13) despite various challenges,” Babar added.

Iftikhar Babar further said that economic growth during the current government would help lead to prosperity through poverty alleviation.

Lauding the PM directives, MD Babar further said that to eliminate grey trafficking the ICH policy issued in 2012 is withdrawn and the APC is made zero.

“The policy would be effective from August 1, 2014”, the MD added.

A significant decline in voice calls is expected overseas Pakistanis with bringing the APC to zero, the MD further informed.