PRI-PIA alliance to help boost remittance inflows

KARACHI - Federal Minister for Finance Shaukat Tarin said on Tuesday that strategic alliance between Pakistan Remittance Initiative (PRI) and Pakistan International Airlines (PIA) would contribute towards enhancement of remittance flows through official channels and help the Government to achieve the goal of formalising the remittance market in the country.
Addressing a MoU signing ceremony between PRI and PIA held at State Bank of Pakistan here he urged the overseas Pakistanis to make sure that they are transferring their hard-earned income through official channels into Pakistan.
He said that he was confident that PRI would usher in a new era in the realm of workers’ remittances and reach the ultimate destination of highest efficiency and maximum satisfaction levels.
“The performance of PRI has been commendable since its inception and I am confident that they would continue to work with same commitment and dedication to achieve the desired objectives,” he added.
Tarin said the trend of remittances received in last five months of current fiscal year shows an increase of around 30pc over the similar period in the last fiscal year.
However, he pointed out that the success of PRI does not lie in month-to-month numbers, rather its objective is to lay the foundation of a permanent structure.
He said there would also be end-to-end efficient systems, maximum satisfaction of remitter and beneficiary, highest degree of commitment of the financial sector, and the inclusion of such ingredients into the policy framework for PRI whereby the consistent political will should become a norm, rather than an exception.
He said that there are a number of cyclical and environmental factors which affect the flow of remittances in either way.
“Therefore, the performance of PRI cannot be judged from the month-to-month numbers, at least in the short term,” he said.