Daily Times

LAHORE: Despite Covid-19 pandemic, remittance flow  in South Asian countries increased in 2020  and Pakistan is no exception, said a World Bank report.

According to the World Bank, remittance flow in Pakistan increased by 17 percent in 2020. It was much faster than 5.2pc increase in flows to the South Asian countries. The report further highlighted that in Pakistan, remittances rose by about 17 percent, with the biggest growth coming from Saudi Arabia followed by the European Union countries and the United Arab Emirates.

The World Bank in the 1HCY2020 had predicted a steep fall in remittance flows to Pakistan (including South Asia), hinting at a parching of foreign exchange funds for the country. However, against the predictions, inflows have seen a major spike over the last 12 months.

Previously, the bank had forecast significant decline in remittances to Pakistan and the rest of the countries in the region because of the coronavirus pandemic that forced nations across the world to lock down their economies and send migrant workers back home to their countries of origin.