Asking source of income hindering smooth growth of remittances process.

Byline: Khalil Ahmed

Interview with Mr Khalid Tawab - Chairman, Tawab Group of Companies

Profile:

Mr Khalid Tawab is Chairman of Tawab Group of Companies which is renowned named in the manufacturing of paper, board and steel. He has served as Senior Vice President and Vice President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Karachi Chamber of Commerce and Industry (KCCI). He is honorary Consul General of Mozambique since 1989. President of Pakistan awarded him Sitara-e-Imtiaz in 2009 in recognition of his outstanding public services. His company got FPCCI Exports Awards twice and once the International Asia Award due to highest exports. He is also philanthropist and trustee of Aiwan-e-Tijarat-o-Sanat Hospital.

PAKISTAN and GULF ECONOMIST sought views of Mr Khalid Tawab vis-a-vis the foreign remittances received by Pakistan during these trying times. The excerpts of the conversation are as follows:

Foreign remittance is a main source of foreign exchange earning that helps in improving the balance of payment and retiring external debt. It is fortunate for Pakistan that we received record high remittances in FY20 i.e. US$ 23.12 billion despite the fact that there was lockdown in all developed countries like USA, UK, Saudi Arabia, Spain, Germany, UAE etc. which are main source of remittances and almost six million Pakistanis are living in these countries. The rise in remittances is attributed to support the families and friend due to COVID-19.

During the COVID-19, Pakistan received record remittances due to supportive State Bank of Pakistan (SBP) policies like extension in reimbursement of TT Charges Scheme (Free Send Remittance Scheme) to small remitters by reducing threshold from US$ 200 to US$ 100, as well as, broadening the scope of incentive scheme...

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