Islamabad, Asharq Al-Awsat – Pakistanis working abroad sent around $4 billion remittances to Pakistan last year, Minister of State for Finance, Omar Ayub Khan says.

He told the Senate that inflow of remittances was picking up with every passing month.

Remittances sent by the Pakistanis working abroad during the first quarter of current fiscal year is 2 per cent more than the same period last year.

However, the minister said in July 2005 home remittances were 313.14 million dollars as compared to 330.51 million dollars in the same month of last year reflecting a marginal decline of 5.26 per cent.

Khan said this should not be interpreted as reflective of any long term trend and added a small dip in the flow of remittances in the month of July 2005 was a temporary phenomenon as evidenced by the fact that the inflow of remittances has picked up since then.

The minister said at present there is no proposal under consideration of the government to allow duty free import of pharmaceutical products from India.

Pakistan is a free market but it will not be a wise decision to allow duty-free import of pharmaceutical products from India, he added.

Khan said Pakistan”s pharmaceutical industry is performing well and there is no need to import such products from other country.