Pakistan Remittance Initiative

Date Shared:

Thursday, October 6, 2016 - 19:15

Countries and areas:

Pakistan

2030 Agenda migration-relevant and related target Labels:

Goal 10: Reduced inequalities - 10.c on remittances costs reduction

GCM Thematic Cluster Areas:

Objective 20: Promote faster, safer and cheaper transfer of remittances and foster financial inclusion of migrants

Contributors:

Member States

Chairmanship:

Bangladesh 2016

Geographical Relevance:

National

Tags:

Migration, Trade and Investments, Remittances, Sustainable Development , Costs of Migration

Summary:

The Pakistan Remittance Initiative (PRI) was launched in 2009 by the State Bank of Pakistan, the Ministry of Overseas Pakistanis and the Ministry of Finance for the purpose of (a) facilitating and supporting a faster, cheaper, convenient and more efficient flow of remittances, and (b) to create investment opportunities in Pakistan for overseas Pakistanis. The PRI has encouraged the financial sector to provide greater commitment to remittance services.

PRI has formulated a comprehensive strategy aimed at greater commitment of financial sector towards remittance services and resultant inculcation of remittance culture, transparency of remittance market with adequate consumer protection, efficiency of payment system infrastructure, and incentives for the remitters, beneficiaries and overseas entities.

Link:

For more information:

http://www.pri.gov.pk/

GFMD Source:

GFMD 2016 - Background Paper RT Session 1.1 "Reducing Migration Costs"

GFMD 2018 - Background Paper RT Session 3.2 "Beyond Remittances: leveraging the development impact and promoting the transnational engagement of diaspora and migrants"