The remittance flows are one of the largest sources of foreign income for Pakistan. These prove to be more stable than capital flows and remained resilient during the coronavirus pandemic.
It is the remittances of overseas Pakistanis that have saved the country from committing default. The amount received from International is paltry around US$2 billion per annum, which alone cannot keep the country afloat.
The National Assembly of Pakistan passed the Elections (Amendment) Bill 2022 on Thursday, which seeks to remove the use of electronic voting machines (EVMs) in general elections as well as disallows overseas Pakistanis from voting.
Parliamentary Affairs Minister Murtaza Javed Abbasi presented the bill that was passed with a majority vote, with only members of the Grand Democratic Alliance opposing it.
Before presenting the bill, Abbasi presented a motion for allowing the bill to be sent directly to the Senate for its approval, bypassing the relevant standing committee. The motion was also passed by the NA with a majority vote.
Speaking about the legislation, Minister Azam Nazeer Tarar said it was of immense significance. He recalled the previous PTI government had made multiple amendments to the Election Act, 2017, including those that allowed the use of EVMs and granted overseas Pakistanis the right to vote in general elections.
He also dispelled the impression that the amendments were aimed at depriving overseas Pakistanis of their right to vote. "Overseas Pakistanis are a precious asset of the country and the government does not believe in snatching their right to vote," he said.
It may be recalled that the remittances from overseas Pakistanis rose to a record high of US$3.1 billion in April, 2022. Remittances crossed US$3 billion for the first time ever. These inflows increased 11.2% MoM and 11.9%YoY basis.
As a result, total remittances in 10 months of this fiscal year rose to US$26.1 billion, 7.6% higher than in the same period in 2020-2021. The figures suggest that Pakistani expatriates sent home more funds to support their families.