It is hard to estimate the exact size of remittance flows because many transfers take place through unofficial channels. Worldwide, officially recorded international migrant remittances were projected to exceed $483 billion in 2011, with $351 billion flowing to developing countries. These flows are recorded in the balance of payments; exactly how to record them is being reviewed by an international technical group. Unrecorded flows through informal channels are believed to be at least 50 percent larger than recorded flows. Not only are remittances large but they are also more evenly distributed among developing countries than capital flows, including foreign direct investment, most of which goes to a few big emerging markets. In fact, remittances are especially important for low-income countries. Remittance flows to low-income countries are nearly 6 percent of their gross domestic product (GDP), compared with about 2 percent of GDP for middle-income countries.
For settlement between agents, in most cases, there is no real-time fund transfer; instead, the balance owed by the sending agent to the paying agent is settled periodically according to an agreed schedule, through a commercial bank. Informal remittances are sometimes settled through goods trade.
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Remittances are typically transfers from a well-meaning individual or family member to another individual or household. They are targeted to meet specific needs of the recipients and thus tend to reduce poverty. Cross-country analyses generally find that remittances have reduced the share of poor people in the population (Adams and Page 2003, 2005; Gupta, Pattillo, and Wagh 2009). In fact, World Bank studies, based on recent household surveys, suggest that international remittance receipts helped lower poverty (measured by the proportion of the population below the poverty line) by nearly 11 percentage points in Uganda, 6 percentage points in Bangladesh, and 5 percentage points in Ghana. Between a fifth and half of the 11 percent reduction in poverty in Nepal between 1995 and 2004, a time of political conflict, has been attributed to remittances.
In poorer households, remittances may finance the purchase of basic consumption goods, housing, and children's education and health care. In richer households, they may provide capital for small businesses and entrepreneurial activities. They also help pay for imports and external debt service, and in some countries, banks have been able to raise overseas financing using future remittances as collateral.
Third, establishing nonexclusive partnerships between remittance-service providers and existing postal and other retail networks would help expand remittance services without requiring large fixed investments to develop payment networks.
Fouth, poor migrants could be given greater access to banking. Banks tend to provide cheaper remittance services than money transfer operators. Both sending and receiving countries can increase banking access for migrants by allowing origin-country banks to operate overseas; by providing identification cards (such as the Mexican matricula consular) that are accepted by banks to open accounts; and by facilitating participation of microfinance institutions and credit unions in the remittance market.
Governments have often offered incentives to increase remittance flows and to channel them to productive uses. But such policies are more problematic than efforts to expand access to financial services or reduce transaction costs. Tax incentives may attract remittances, but they may also encourage tax evasion. Matching-fund programs to attract remittances from migrant associations may divert funds from other local funding priorities, while efforts to channel remittances to investment have met with little success. Fundamentally, remittances are private funds that should be treated like other sources of household income. Efforts to increase savings and improve the allocation of expenditures should be accomplished through improvements in the overall investment climate, rather than by targeting remittances.
Country Summary: Terrorist groups continue to plot attacks in Pakistan. Terrorism and ongoing violence by extremist elements have led to indiscriminate attacks on civilian, as well as local military and police, targets. Terrorists may attack with little or no warning, targeting transportation hubs, markets, shopping malls, military installations, airports, universities, tourist locations, schools, hospitals, places of worship, and government facilities. Terrorists have targeted U.S. diplomats and diplomatic facilities in the past.
The U.S. government has limited ability to provide emergency services to U.S. citizens in Pakistan due to the security environment. Travel by U.S. government personnel within Pakistan is restricted, and additional restrictions on movements by U.S. government personnel outside of U.S. diplomatic facilities may occur at any time, depending on local circumstances and security conditions, which can change suddenly.
Do not travel to Balochistan province. Active terrorist groups, including an active separatist movement, have conducted deadly terrorist attacks against civilians, religious minorities, government offices, and security forces.
Do not travel to KP province, which includes the former FATA. Active terrorist and insurgent groups routinely conduct attacks against civilians, non-governmental organizations (NGOs), government offices, and security forces. These groups historically have not discriminated between government officials and civilians. Assassination and kidnapping attempts are common, including the targeting of polio eradication teams and Government of Pakistan security service (police and military) personnel.
Do not travel to the India-Pakistan border, including the Line of Control. Militant groups are known to operate in the area. India and Pakistan maintain a strong military presence on both sides of the border. The only official Pakistan-India border crossing point for persons who are not citizens of India or Pakistan is in the province of Punjab between Wagah, Pakistan, and Atari, India. Travelers are advised to confirm the status of the border crossing prior to commencing travel. An Indian visa is required to enter India, and no visa services are available at the border.
All travelers are subject to random COVID-19 testing at all points of entry/exit. This policy is in effect until further notice and affects all international airports. U.S. citizen travelers are not exempt from this requirement and may be tested for COVID-19.
Those testing positive for COVID-19 with the rapid test at the point of entry to Pakistan will then have a sample taken for a polymerase chain reaction (PCR) test and be given home isolation instructions. Travelers should not expect to be returned to their previous destination, nor quarantined at the Port of Entry/Exit.
All U.S. government employees and immediate family members must follow appropriate procedures for official and personal travel to Pakistan. All official U.S. government travel requests must be submitted via the normal country clearance process and will be limited to mission-critical travel only. U.S. government employees wishing to conduct unofficial travel to Pakistan must contact the appropriate office in their home agency to determine whether there are any limitations or restrictions.
Keep copies of your U.S. passport data page, Pakistani visa or ID card, and Pakistan immigration entry stamp with you at all times. Consider downloading these documents to your mobile phone in case of emergency.
Terrorism: Extremist groups within Pakistan continue to seek opportunities to attack locations where U.S. citizens and Westerners are known to congregate or visit, including government facilities and public locations, such as schools and universities, shopping malls, markets, hotels, clubs and restaurants, , transportation hubs/stations, minority neighborhoods, and outdoor recreation areas. The U.S. Embassy and Consulates prohibit personnel from visiting houses of worship. Terrorists also target Pakistani officials, government facilities, security forces, religious minorities and facilities including Sufi shrines, and regularly resort to kidnapping for ransom. Attacks have included armed assaults on heavily guarded sites, including Pakistani military and police installations, and airports. Primary terrorist tactics include suicide operations, gunfire, and bombings (including vehicle-borne explosives and improvised explosive devices), while other actions include but are not limited to assassinations, carjackings, and assaults. The Government of Pakistan maintains heightened security measures, particularly in major cities, and these measures can vary from day to day. The U.S. Embassy and Consulates regularly assess security situations and restrict the movements of official personnel.
Demonstrations, political rallies, or large religious gatherings intended to be peaceful can become confrontational and possibly escalate into violence. We advise U.S. citizens to avoid areas where large crowds of any kind gather. U.S Embassy and Consulate personnel are routinely instructed to avoid areas of any demonstration. During demonstrations or periods of civil unrest, the Pakistani government has in the past disabled cellular telephone and internet service, making it difficult for individuals to contact each other or the U.S. Embassy or Consulates.
We recommend you limit the frequency of travel and minimize the duration of trips to public markets, restaurants, and other public locations. The U.S. Embassy and Consulates prohibit personnel from using public transportation or taxi services. With few exceptions, official visitors are not authorized to stay overnight in local hotels anywhere in the country; we strongly urge you to avoid hotels that do not apply stringent security measures. Depending on ongoing security assessments, the U.S. Embassy and Consulates sometimes place areas such as tourist attractions, hotels, markets, shopping malls, and restaurants off-limits to official personnel. 152ee80cbc
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